The Philippines’ antitrust watchdog on Monday February 19, voided businessman Dennis Uy’s acquisition of a Dutch holding company KGLI NM, that held a majority stake in Negros Navigation Co, the parent of shipping firm 2GO, for failing to disclose the transaction to the body.
The Philippine Competition Commission (PCC) also fined Uy and KGLI NM 19.6 million filipino pisos (US$374,705). The two parties can still proceed with the transaction provided they submit it to the PCC for review, said the agency’s spokesperson, Mercedes Torrijos.
“The law is clear: an agreement consummated in violation of the competition law’s compulsory notification requirement shall be fined and is considered void,” the PCC said.
The 2016 acquisition, made by Uy’s Udenna Corp, was meant to give the Davao-based businessman a foothold in the logistics businesses.
Full Content: Rappler
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Extends Support for Farms and Fisheries Amid Market Disruptions
May 5, 2024 by
CPI
Sony and Apollo Bid $26 Billion for Paramount Acquisition
May 5, 2024 by
CPI
Goldman Sachs Resolves Decade-Old Metal-Rigging Class Action Lawsuit
May 5, 2024 by
CPI
Italian Antitrust Ruling Puts Halt on Intesa Sanpaolo’s Fintech Ambitions
May 5, 2024 by
CPI
Google Antitrust Case: Closing Arguments Conclude
May 5, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI