PCC clears Udenna’s 2GO acquisition

The Philippine Competition Commission (PCC) has approved Udenna Corp.’s acquisition of a Dutch company which holds minority ownership in logistics giant 2Go Group, after initially nullifying the deal last February.

In a statement yesterday, the PCC said Udenna and KGL Investment B.V. (KGLI- BV) have complied with requirements after the commission rendered their transaction void and imposed a P19.6-million fine for consummating the deal without clearance from the antitrust body.

In an en banc decision last February, the parties were found to have violated mergers and acquisition rules since they failed to notify the PCC of the transaction that met

From B1 the notification threshold.

“The parties then filed their notification on March 23 and entered the Phase 1 review on April 5. The firms also paid the fine on April 19 at the National Treasury as part of the compliance order,” the PCC said.

Udenna of Davao-based businessman Dennis Uy is a holding company engaged in diverse business interests including distribution and retail of refined petroleum products and lubricants, tankering and inter-island transport of petroleum products and other bulk products, ship management, operation of oil depots and storage facilities, operation of an industrial park, real estate or property development, and waste management and environmental services through its subsidiaries.

KGLI-BV, meanwhile, is a holding company maintaining a single investment portfolio in the Philippines, which is the minority interest in KGLI-NM Holdings Inc. (KGLI-NM).