THE Philippine Competition Commission (PCC) said it cleared on Oct. 23 the proposed acquisition by Upper Pickering Holdings Ltd. of 50% of Interflour Private Ltd., citing no competition concerns.
The PCC said Upper Pickering will acquire the shares from Co-operative Bulk Handling Ltd., a cooperative owned by about 3,500 Western Australian grain growers engaged in grain storage, handling, trading, and shipping operations.
Upper Pickering is a newly established entity with no existing operations, while Interflour is engaged in wheat flour milling and related grain trading activities and operates in the Philippines through Mabuhay Interflour Mill, Inc.
The PCC said Upper Pickering’s acquisition will make it a joint venture partner of Interflour alongside Origold Profits Ltd., a private holding company.
The Commission said its mergers and acquisitions office found no horizontal overlaps or vertical relationships among the parties, given Upper Pickering’s lack of operations before the acquisition.
The transaction is also unlikely to result in a substantial lessening of competition in the Philippine wheat flour milling market, the PCC added. — Vonn Andrei E. Villamiel