The Philippine Competition Commission approved the acquisition of shares in Philippine FamilyMart CVS Inc. by Phoenix Petroleum Philippines Inc., a company led by Davao City-based businessman Dennis Uy.
PCC said in a statement that following the proposed transaction, Phoenix would wholly-own Family Mart in the Philippines. PCC said in a decision made on Jan. 3 its Mergers and Acquisitions Office found that the transaction would not result in substantial lessening of competition in the relevant market.
PCC said there is no ability or incentive for the firms to engage in foreclosure after the acquisition. The antitrust commission also noted there would be sufficient competitive constraints from other players in the same market after the transaction.
PCC, the country’s anti-trust body, is mandated under the Philippine Competition Act to review mergers and acquisitions to ensure that these deals will not harm the interest of consumers.
PCC said it received 142 merger filings by local and international companies, worth a combined P2.171 trillion. Of the total number of filings, 38 involved global deals. The Phoenix-Family Mart notification was the 119th transaction approved.