MANILA - The Philippine Competition Commission on Friday reminded San Miguel Corp of the requirement to notify the body of its plan to acquire cement-maker Holcim's Philippine business.
San Miguel has not notified the PCC as of Friday, the antitrust watchdog said. The conglomerate disclosed to the stock exchange on May 10 the plan by its unit, First Stronghold Cement Industries Inc, to acquire 85.73 percent of Holcim Philippines for $2.15 billion (P112.4 billion).
"PCC reminds merging firms that meet the notification thresholds to notify the Commission of their transaction within 30 days from signing of their definitive agreement," the PCC said in a statement.
The commission said it seeks to balance concerns of businesses and the public when reviewing mergers.