Phoenix Petroleum Philippines Inc. of Bilyonaryo Dennis Uy can now proceed with its buy-out of Petronas Energy Philippines Inc. (PEPI) and Duta Inc. after obtaining the green light from the Philippine Competition Commission (PCC).
Based on PCC?s mergers and acquisitions officer, the acquisition ?does not result in a substantial lessening of competition in the relevant market.”
The recommendation showed ?there appears to be no ability for the merged firm to engaged in foreclosures” and “there appear (sic) to be sufficient competitive constraints on the merged firm post-acquisition.”
PEPI is owned by PDB (Netherlands) B.V. (PDBN), a wholly-owned subsidiary of of Malaysian oil and gas company Petronas Dagangan Berhad (PDB) and has been in the LPG business for over 20 years.
The deal is worth $126.1 million or P6.27 billion.
