THE
acquisition of the entire outstanding capital stock of GGDC Holdings by
Clark Global City Corp. (CGCC) was approved on Thursday by the
Philippine Competition Commission.
In a statement sent to reporters late Thursday, the competition watchdog said it approved the transaction that would allow CGCC, an affiliate of Davao-based tycoon Dennis A. Uy’s holding firm Udenna Corp., to completely acquire GGDC Holdings.
“The acquisition by (CGCC) of shares in GGDC Holdings does not result in a substantial lessening of competition in the relevant market, since it does not appear that the merged firm has the ability to engage in foreclosure, and in any case, there appears to be sufficient post-acquisition competitive restraint from other market participants,” the PCC said in a decision dated Oct. 19.
The PCC is mandated to review all mergers and acquisitions exceeding P1 billion to ensure fair competition among market participants.
At present, The Port Fund L.P. is the owner of GGDC Holdings.
GGDC Holdings holds a majority stake in Global Gateway Development Corp., a company established in 2008 to develop and operate Global Gateway Logistics City, which sits on a 177-hectare property inside the Clark Civil Aviation Complex, Clark Freeport Zone in Pampanga.
The logistics city is estimated to cost around $200 million in horizontal infrastructure and $3 billion at full build-out, according to government website investphilippines.gov.ph.
The city will be divided into four zones: a logistics park allotted for warehousing, distribution, and light manufacturing operations; a business park for office buildings; an aero park for research and development as well as centers of higher learning; and a town center for retail and commercial needs. – Arra B. Francia
source: Businessworld
In a statement sent to reporters late Thursday, the competition watchdog said it approved the transaction that would allow CGCC, an affiliate of Davao-based tycoon Dennis A. Uy’s holding firm Udenna Corp., to completely acquire GGDC Holdings.
“The acquisition by (CGCC) of shares in GGDC Holdings does not result in a substantial lessening of competition in the relevant market, since it does not appear that the merged firm has the ability to engage in foreclosure, and in any case, there appears to be sufficient post-acquisition competitive restraint from other market participants,” the PCC said in a decision dated Oct. 19.
The PCC is mandated to review all mergers and acquisitions exceeding P1 billion to ensure fair competition among market participants.
At present, The Port Fund L.P. is the owner of GGDC Holdings.
GGDC Holdings holds a majority stake in Global Gateway Development Corp., a company established in 2008 to develop and operate Global Gateway Logistics City, which sits on a 177-hectare property inside the Clark Civil Aviation Complex, Clark Freeport Zone in Pampanga.
The logistics city is estimated to cost around $200 million in horizontal infrastructure and $3 billion at full build-out, according to government website investphilippines.gov.ph.
The city will be divided into four zones: a logistics park allotted for warehousing, distribution, and light manufacturing operations; a business park for office buildings; an aero park for research and development as well as centers of higher learning; and a town center for retail and commercial needs. – Arra B. Francia
source: Businessworld
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