MANILA - The Philippine Competition Commission said Tuesday it "cleared" the proposed acquisition of a controlling stake in Manila Water by billionaire Enrique Razon's Trident Water Holdings Inc citing it was "unlikely" to result in lessening of competition.
The transaction involves the purchase by Trident Water of a 51 percent voting interest in Manila Water via Trident Water's 820 million common shares of stock subscription of Manila Water's unissued authorized capital stock. "In its Commission Decision, the PCC finds that the transaction will not likely lead to substantial lessening of competition in the market of the supply of raw water to the East Zone Concession Area," the PCC said.
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