MANILA - Phoenix Petroleum's purchase of convenience store chain FamilyMart has been approved, anti-trust regulators said Thursday.
The Philippine Competition Commission (PCC) said its mergers and acquisitions office has ruled that Phoenix's acquisition of FamilyMart will "not result in substantial lessening of competition in the relevant market."
Phoenix will wholly own FamilyMart as it buys out its SIAL CVS Retailers Inc, which was a joint venture among Ayala Land, the Rustan's group, Japan's FamilyMart Co and ITOCHU Corp.
Phoenix, which is owned by Davao-based businessman Dennis Uy, operates a network of 500 gas stations all over the Philippines.
An analyst has said that Phoenix's acquisition of FamilyMart would allow Uy to use its stores as transaction points for his logistics business 2GO.
FamilyMart, meanwhile, said the deal would let it expand its number of outlets to 300 across the Philippines in the next five years. It currently has less than 100 stores located mainly in Metro Manila.