The Philippine Competition Commission approved the acquisition of the entire capital stock of GGDC Holdings Inc. by Clark Global City Corp.
The PCC said the acquisition did not show any signs of anti-competitive behavior nor posed any harm to similar businesses and to business in general.
Clark Global is an affiliate of Udenna Corp. while GDCC is the majority shareholder of Global Gateway Development Corp. based in Cayman Islands. Udenna is the parent of listed Chelsea Logistics Holdings Corp. and Phoenix Petroleum Philippines Inc., both owned by businessman Dennis Uy.
Global Gateway is leaseholder to the rights of the 177-hectare land within Clark Freeport Zone where its gateway Logistics City is located.
GGDC Holdings is wholly owned by The Port Fund L.P., while Clark Global is wholly owned by Udenna Development Corp., a wholly owned unit of Udenna.
“The transaction does not result in the substantial lessening of competition in the relevant market since the parties do not appear to be operating in the same market in the Philippines,” the decision read.
The PCC, the country’s anti-trust body, is mandated under the Philippine Competition Act to review mergers and acquisitions to ensure the deals will not harm the interest of consumers.
PCC records show 127 merger filings by local and international companies worth a combined P2.016 trillion in terms of notifications, and P1.996 trillion in terms of transaction value.
Of the total number of filings, 36 involve global deals.