San Miguel Corporation can now push through with its P97.5 billion acquisition of 88.5 percent of Eagle Cement Corporation after the Philippine Competition Commission has ruled that its approval is no longer required for the transaction.
SMC Chief Information Officer Ferdinand Constantino explained that, “With the issuance of the aforementioned Notice, the Transaction shall not be subject to review by the PCC based on the IRR of the PCA.” The cement firm said its Board of Directors resolved to cooperate with SMC subsidiary SMEI and fully support its tender offer for 11.5 percent of the cement firm worth P12.66 billion.
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