MANILA - The Philippine Competition Commission said Thursday it was informed that the proposed acquisition of shares of Redco Transit Development Pte Ltd in Makati City Subway Inc of Philippine Infradev Holdings and Hong Kong Binjiang Industrial Ltd has been terminated.
Philippine Infradev Holdings's unit Makati City Subway Inc is building the tunnel transit transport system of the same name.
"The parties withdrew their notification of the transaction currently undergoing merger review, and informed the MAO (Mergers and Acquisition Office) that they decided not to pursue the transaction and to terminate their Share Purchase Agreement due to circumstances arising from the COVID-19 pandemic," the PCC said in a statement.
Businesses have full discretion to decide on operations "as they see fit within the bounds of the law," the antitrust body said.
The PCC said the proposed merger was filed for review in September 2020 and has been granted extensions of about 127 days.
Big mergers and acquisitions are subject to review to ensure that they do not pose monopoly concerns in the market.