The Philippine Competition Commission (PCC) has approved the proposed acquisition by Upper Pickering Holdings Limited of a 50-percent stake in Interflour Private Limited from Co-operative Bulk Handling Limited (CBHL).
The antitrust regulator determined that the transaction would not lead to a substantial lessening of competition in the domestic wheat flour milling market.
The PCC Mergers and Acquisitions Office found that the deal does not create horizontal overlaps or vertical relationships among the parties. This assessment was based largely on the fact that Upper Pickering is a newly formed entity with no existing operations in the Philippines or other jurisdictions.
Following the completion of the transaction, Upper Pickering will replace CBHL as a joint venture partner in Interflour alongside Origold Profits Limited.
Interflour is primarily involved in wheat flour milling and related grain trading activities.
In the local market, Interflour operates through its subsidiary Mabuhay Interflour Mill Inc. The seller, CBHL, is a cooperative owned by approximately 3,500 Western Australian grain growers that manages an integrated supply chain involving storage, marketing, and shipping.
The commission said that its decision aligns with its mandate to ensure that mergers and acquisitions proceed without harming market competition. The regulator noted that the move supports market entry and maintains a level playing field for both businesses and consumers.
