THE Philippine Competition Commission (PCC) has approved three merger and acquisition transactions in the real estate, housing and manufacturing sectors.
Citing a decision dated July 24, the antitrust body said it found no competition concerns in three deals namely Alveo Land Corp.’s acquisition of properties from Antel Land Holdings, Inc. in Makati City; a joint venture between Century Properties Group, Inc. and Mitsubishi Corp.; and the purchase of shares by Aisin Seiki Co. Ltd. of Toyota Autoparts Philippines, Inc. (TAP) from Toyota Motor Corp. (TMC).
For the Alveo and Antel transaction, the former, a wholly-owned subsidiary of Ayala Land, Inc., is eyeing to acquire Antel’s 1.3-hectare land and assets, including the 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 agency said.
“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,” it added.
Alveo is a real estate firm engaged in the planning and development of residential, business, commercial and leisure real estate properties.
Antel, on the other hand, is a local holding company in the business of purchasing, leasing, selling and development of real estate properties.
Meanwhile, the Century Property-Mitsubishi joint venture involves the development, construction and sale of residential properties on parcels of land in Tanza, Cavite.
Both companies will invest through the purchase and subscription of shares in a new company named PHirst Park Homes, to be incorporated with the Securities and Exchange Commission.
“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 antitrust agency said.
Century Properties is engaged in mixed-use developments and the real estate industry, while Mitsubishi has diversified businesses in development, infrastructure and technology.
Lastly, for the Aisin Seiki-Toyota Parts transaction, the former will purchase additional shares of TMC’s TMP, which will make Aisin Seiki a majority shareholder of TAP.
The PCC also did not find any SLC in the car parts market should this transaction push through.
Aisin and its subsidiaries manufacture and sell automotive parts, lifestyle- and energy-related products and wellness-related products.
Meanwhile, TMC and its subsidiaries, are involved in the production and sales of automobiles, financial services, housing and information technology.
These three latest approved transactions bring PCC-cleared mergers and acquisitions to 143 deals.
To date, the PCC has received a total of 151 merger filings worth P2.36 million in transaction value from both local and international companies. Of this total, 43 involve global firms. — J. C. Lim

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