PCC approves Alveo, CPGI, Toyota M&As

The Philippine Competition Commission (PCC) has approved three merger and acquisition transactions within the real estate, housing, and manufacturing industries.

In the Commission Decisions dated July 24, PCC cleared the acquisition by Alveo Land Corp. of properties from Antel Land Holdings, Inc. in Makati City; the joint venture between Century Properties Group, Inc. and Mitsubishi Corporation; and the acquisition of shares by Aisin Seiki Co. Ltd. of Toyota Autoparts Philippines, Inc. (TAP).

Alveo is set to acquire Antel’s 1.3-hectare land and assets, including A.Venue Mall, in Makati City. PCC found that the transaction does not result in substantial lessening of competition (SLC) in the market of medium-cost residential condominiums in Makati and BGC, Taguig.

The review also found that there were sufficient number of competitors in the said market and that there was no ability nor incentive for Alveo to foreclose the property to be acquired.

For the Century PropertyMitsubishi joint venture, Century Property and Mitsubishi agreed to engage in the development, construction and sale of residential properties on parcels of land in the Tanza, Cavite.

The parties stand to invest through the purchase and subscription of shares in a new company, reported as PHirst Park Homes, which will be incorporated with the Securities and Exchange Commission given PCC’s clearance.

“PCC found no competition concerns in this transaction since that there are numerous firms that remain engaged in the residential real estate development within the identified geographic market. These competitors are seen to exert competitive pressures on the parties after the transaction,” the agency said.

In the Aisin Seiki-Toyota Parts transaction, Aisin Seiki is set to acquire additional shares of TAP from Toyota Motor Corporation (TMC) in the Philippines. The move will switch Aisin Seiki from being a minority to a majority shareholder of TAP. (JAL)