Phoenix purchase of Family Mart gets regulatory approval | ABS-CBN
ADVERTISEMENT
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!
Phoenix purchase of Family Mart gets regulatory approval
Phoenix purchase of Family Mart gets regulatory approval
ABS-CBN News
Published Jan 04, 2018 06:48 PM PHT
MANILA - Phoenix Petroleum's purchase of convenience store chain FamilyMart has been approved, anti-trust regulators said Thursday.
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."
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 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.
Phoenix, which is owned by Davao-based businessman Dennis Uy, operates a network of 500 gas stations all over the Philippines.
ADVERTISEMENT
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.
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.
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.
ADVERTISEMENT
ADVERTISEMENT
