PCC okays Phoenix Petroleum’s Family Mart purchase
The Philippine Competition Commission has approved Phoenix Petroleum Philippines, Inc.’s acquisition of Family Mart Philippines.
In a news report, the country’s competition and anti-trust regulating body said it gave the go-signal of the merger and acquisition (M&A) deal after establishing that “the transaction does not result in substantial lessening of competition in the relevant market.”
Previously owned by an Ayala Group-Japanese firm joint venture, Family Mart, now has 67 convenience stores.
PCC said the Phoenix Petroleum-Family Mart M&A had been the 119th transaction it had acted upon so far in all of the 142 acquisitions applied for approval.