The Philippine Competition Commission (PCC) has approved the acquisition deal between Phoenix Petroleum Philippines Inc. and Philippine FamilyMart CVS Inc.
Dennis Uy’s Phoenix Petroleum is buying out the Ayala and Tantoco groups from Philippine FamilyMart which operates the Japanese brand of convenience stores in the country. “On the basis of information obtained from the parties and other sources to date, the acquisition by Phoenix Petroleum Philippines Inc. of shares in Philippine FamilyMart CVS Inc. does not result in a substantial lessening of competition in the relevant market,” the commission said.
The transaction was announced in October when both parties signed a memorandum of understanding regarding the acquisition deal. While the parties to the transaction have yet to disclose the acquisition cost, the PCC is mandated to review business deals valued at P1 billion and above. Source: GMA PWKD09012018