PCC approves Phoenix Petroleum-FamilyMart deal

The Philippine Competition Commission (PCC) has approved the acquisition deal between Phoenix Petroleum Philippines Inc. and Philippine FamilyMart CVS Inc.

In an emailed statement on Thursday, the antitrust watchdog said the decision to approve the deal was made on Wednesday, January 4.

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.

Philippine FamilyMart is the franchise holder of the Japanese convenience store brand FamilyMart. It is 60-percent owned by SIAL CVS Retailers Inc., a joint venture of Ayala Land Inc. subsidiary ALI Capital Corp. and SSI Group Inc. of the Tantoco group.

Japan’s FamilyMart Co. Ltd. owns 37.6 percent of Philippine FamilyMart and ITOCHU Corp. 2.4 percent.

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.

 “The antitrust commission ... noted there are sufficient competitive constraints from other players in the same market after the transaction,” the PCC said. — Jon Viktor Cabuenas/VDS, GMA News