PCC raises concern over SMC subsidiary's takover of Holcim

The Philippine Competition Commission's Mergers and Acquisitions Office has expressed concern that a San Miguel Corporation subsidiary’s proposed takeover of cement giant Holcim Philippines Inc. may result in monopoly and potential collusion arising from the merger.

- In Greater Metro Manila, Central Luzon, and Northeast Luzon, the transaction increases the likelihood of firms to engage in coordinated behavior.- - Post-transaction, any entrant has little to no ability to constrain the exercise of market power of the parties in Greater Metro Manila, Central Luzon, and Northeast Luzon.

First Stronghold, a holding company created for the transaction, is wholly owned by San Miguel Equity Investments, Inc., which in turn is a subsidiary of SMC—all under Top Frontier Investment Holdings, Inc. . Top Frontier has two cement plants slated to begin commercial operations within the next 2 years: Northern Cement and Oro Cemento Industries Corporation.

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