MANILA – The Philippine Competition Commission (PCC) has approved the acquisition by Phoenix Petroleum Philippines, Inc. (Phoenix) of shares in Philippine FamilyMart CVS, Inc. (PFM) or Philippine Family Mart.
Phoenix is a publicly-listed domestic corporation that trades petroleum products on the wholesale and retail basis and operates of gas stations, oil depots, storage facilities, and allied services. The ultimate parent of Phoenix is Udenna Corporation.
PFM is a domestic corporation engaged in the business of operating convenience stores under the trademark “Family Mart.”
Following the proposed transaction, Phoenix will wholly-own Family Mart.
According to the Commission decision made on January 3, 2018, the Mergers and Acquisitions Office (MAO) of the PCC found that the transaction does not result in substantial lessening of competition in the relevant market.
PCC said there is no ability or incentive for the firms to engage in foreclosure after the acquisition. The antitrust commission also noted there are sufficient competitive constraints from other players in the same market after the transaction.
PCC, the country’s anti-trust body, is mandated under the Philippine Competition Act to review mergers and acquisitions to ensure that these deals will not harm the interest of consumers.
To date, PCC has received 142 merger filings by local and international companies, worth a combined P2.171 trillion. Of the total number of filings, 38 involve global deals. The Phoenix-Family Mart notification is the 119th transaction approved.