Merger and acquisition (M&A) transactions in 2020 hit P909 billion despite the impact of pandemic on businesses and the economy, the Philippine Competition Commission (PCC) said Tuesday.
The PCC said in a year-end report it processed 26 M&A transactions and approved 20. One was withdrawn, two were returned, and three were in different review stages. The sectors with the most transactions are electricity and gas with six deals and transportation and storage with five. Manufacturing, finance and insurance and real estate each had three transactions.
“Despite the constraints due to community quarantine restrictions, we completed all reviews well within the statutory periods. These include the approved acquisition by Universal Robina Corporation (URC) of assets in Central Azucarera de la Carlota Inc. (CA-Carlota) and Roxol Bioenergy Corp. (Roxol), and shares in Najalin Agri-ventures Inc. (NAVI) in Negros Island, a year after a similar transaction by the same parties was blocked for the merger-to-monopoly concerns in Batangas,” said PCC chairman Arsenio Balisacan.
With fewer merger notifications expected and motu proprio review effectively suspended, he said the M&A office refocused its resources on capacity building and market monitoring.