MANILA - The Philippine Competition Commission said Thursday it approved the proposed acquisition of shares of a French airport operator in GMR Airports.
In a statement, the PCC said it cleared the acquisition by Aéroports de Paris SA of a 49-percent stake in Indian operator GMR Airports Limited.
Aéroports de Paris SA operates Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget, it said.
"The PCC found the transacting parties have no overlapping businesses in the operation and management of airports in the Philippines. While GMR has a partnership with Megawide Construction Corporation in developing and operating Mactan-Cebu International Airport, AdP has no active presence in the Philippines," it said.
The transaction involves the acquisition of an indirect stake purchase of 24.99 percent by AdP followed by a direct acquisition of 24.01 percent of shares in GMR Airports.
After the deal is finalized, GMR Airports will be jointly owned by AdP and GMR Infrastructure Limited, an Indian corporation which will keep a 51 percent stake and retain control of GMR, the PCC said.
It also cleared the proposed joint venture between Asia Seal Pte. Limited and FastCargo Logistics Corp, it said.
"In its market investigation, PCC found that the transaction will not likely result in substantial lessening of competition in the market for the distribution of fast-moving consumer goods to retailers nationwide," the PCC said.
Asia Seal is majority owned by CVC Capital Partners Asia Pacific IV LP, while FastCargo Logistics Corp is engaged in cargo loading, forwarding and warehouse services, the PCC said.
To date, the PCC said it has reviewed 216 notifications and prohibited 1 anticompetitive merger, among others.