Uy’s purchase of FamilyMart chain gets PCC approval

Davao-based businessman Dennis Uy has obtained approval from the Philippine Competition Commission (PCC) to acquire the 67-store Philippine FamilyMart store chain through his petroleum trading and distribution arm Phoenix Petroleum Philippines Inc.

In a statement late Thursday, the PCC said it had approved Phoenix Petroleum’s acquisition of Philippine FamilyMart CVS Inc. (PFM) or Philippine Family Mart.

Based on a decision made on Jan. 3, the PCC’s Mergers and Acquisitions Office (MAO) found that the transaction “does not result in substantial lessening of competition in the relevant market.”

PCC said “there’s no ability or incentive for the firms involved to engage in foreclosure after the acquisition.” The commission also noted “sufficient competitive constraints from other players in the same market after the transaction.”

The country’s antitrust body, PCC is mandated under the Philippine Competition Act to review sizeable mergers and acquisitions to ensure that these deals will not harm the interest of consumers. —DORIS DUMLAO-ABADILLA