In a statement, the PCC said it cleared the acquisition by Aéroports de Paris SA of a 49-percent stake in Indian operator GMR Airports Limited."The PCC found the transacting parties have no overlapping businesses in the operation and management of airports in the Philippines. While GMR has a partnership with Megawide Construction Corporation in developing and operating Mactan-Cebu International Airport, AdP has no active presence in the Philippines," it said.
After the deal is finalized, GMR Airports will be jointly owned by AdP and GMR Infrastructure Limited, an Indian corporation which will keep a 51 percent stake and retain control of GMR, the PCC said. "In its market investigation, PCC found that the transaction will not likely result in substantial lessening of competition in the market for the distribution of fast-moving consumer goods to retailers nationwide," the PCC said.