M&A deals receive regulatory approval

THREE merger and acquisition (M&A) deals in the real estate, housing and manufacturing sectors acquired the go signal of the country’s antitrust regulator.

The Philippine Competition Commission announced on Wednesday it gave the green light to the acquisition by Alveo Land Corp. of the assets of Antel Land Holdings Inc. and the joint-venture project of Century Properties Group Inc. and Mitsubishi Corp. The PCC also authorized Aisin Seiki Co. Ltd. to carry on with its purchase of shares from Toyota Autoparts Philippines Inc.

With the PCC’s nod, Alveo is set to acquire Antel’s 1.3-hectare land and assets, including the A. Venue Mall, in Makati City. The PCC said such transaction will not lessen competition in the market of medium-cost residential condominiums in Makati City and Bonifacio Global City, Taguig City.

In a statement, the PCC said a review also reported there was enough competitors in the market and foreclosure of the property is not expected once Alveo acquires the asset. Alveo is a wholly owned subsidiary of Ayala Land Inc. in the business of real-estate properties, while Antel is a domestic holding firm engaged in real-estate purchase, leasing, selling and development.

The Century Properties-Mitsubishi joint venture will develop residential properties on chunks of land in Tanza, Cavite. The parties will invest through the purchase and subscription of shares in a new firm, dubbed “PHirst Park Homes,” which will be registered under the Securities and Exchange Commission.

The PCC found no competition concerns in the joint venture and reported there are sufficient competitors within the identified geographic market.

Century Properties is in the business of mixed-use and real-estate developments. Mitsubishi, on the other hand, has a wide range of portfolio in development, infrastructure and technology.

Last, Aisin Seiki will obtain additional shares of Toyota Autoparts from Toyota Motor Corp. (TMC) in the country. With the PCC’s green light, Aisin Seiki will now become a majority  shareholder of Toyota Autoparts.

In its study, the agency argued the transaction will not lead to a substantial lessening of competition in the market of car-parts making. The conditions of production and sale of manual transmission components to Toyota Autoparts will be the same before and after the transaction.

Aisin Seiki and its subsidiaries are manufacturers of automotive parts, lifestyle-, energy- and wellness-related products. TMC and its subsidiaries, on the other hand, are in the business of manufacture and sales of vehicles, financial services and other areas, such as housing and information technology.

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Elijah Felice Rosales is a reporter for the news outfit covering trade and investments. He graduated with a degree of Bachelor of Arts Major in Literature from the De La Salle University.

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