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Philippines: Court of Appeals stops antitrust agency review of telco-SMC deal

By  |  August 30, 2016

The Court of Appeals has stopped the government’s anti-trust agency from reviewing the P70-billion buyout deal of the telecommunication assets of San Miguel Corporation (SMC).

In a seven-page resolution, the appeals court 12th division issued a writ of preliminary injunction against the review being conducted by the Philippine Competition Commission (PCC).

The appeals court required petitioner Philippine Long Distance Telephone Company (PLDT) to pay P1-million bond “to answer for whatever damages the respondent PCC will suffer should this Court decide that PLDT is not entitled [to a writ].”

Last May 2016, PLDT and Globe Telecom Inc. (Globe) entered into sale and purchase agreement for all the issued and outstanding shares and assets of Vega Telecom Inc. (VTI), a subsidiary of SMC.

The parties then submitted details of the transaction as well as supporting documents to PCC pursuant to its rules.

Full Content: Inquirer

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