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PCC reportedly has 10 days to explain why its investigation into Globe and PLDT’s 1 billion deal for conglomerate’s telco assets should continue.
The Philippines Competition Commission (PCC) on Tuesday was ordered to defend its in-depth review of Globe and PLDT’s joint acquisition of San Miguel Corp’s (SMC’s) telco assets.
This is according to a report by The Standard, which said the Court of Appeals has given the antitrust watchdog 10 days to file a submission. Once the PCC has complied with the court’s order, PLDT will have five days to respond, the paper said. It did not mention Globe.
After that, the court will decide whether to issue a decision on the matter, or conduct a hearing, or request further submissions from the parties involved.
The development represents a ray of hope for Globe and PLDT, after the same court late last week denied the telcos’ request for a temporary restraining order and a preliminary injunction against the PCC.
Globe and PLDT turned to the Court of Appeals earlier in July in a bid to stop the PCC from reviewing their 52.85 billion pesos (€1.02 billion) agreement to acquire 50% each of SMC’s telecoms businesses.
The two operators insist they have complied with the PCC’s rules governing mergers and acquisitions, and that under these rules, the SMC deal is exempt from investigation.
Despite these claims, the PCC is carrying out a review, and insists it has the right to do so, and also, if necessary, the right to block the deal if such action is deemed appropriate to protect competition and consumers.
