MANILA - The Philippine Competition Commission said Tuesday it approved the Lim group's acquisition of shares in BDO Leasing and Finance Inc.

In a statement, the PCC said it approved the investor group of real estate businessmen Vittorio Lim, Victor Lim, Jr. and Luis Yu, Jr's proposed acquisition of 88.84 percent of the total outstanding stock of BDOLFI from BDO Unibank Inc and its subsidiary BDO Capital & Investment Corp.

"In its Commission Decision released today, the Mergers and Acquisitions Office (MAO) of the PCC found that the transaction does not result in substantial lessening of competition in their relevant markets," the PCC said.

The sale is part of the restructuring and portfolio adjustment of BDO, it said.

• BDO selling controlling stake in leasing unit

BDO Leasing and Finance, Inc., is a publicly-listed company engaged in direct leases, real estate leases, as well as sale and leasebacks in the Philippines, the agency said.

To date, the PCC has received 215 notifications, prohibited 1 anticompetitive merger and approved 197 mergers and acquisitions worth P3.85 trillion.