Solicitor general backs merger review for Globe, PLDT
( August 15, 2016, 04:37 GMT | Insight) -- The Philippines' solicitor general has condemned Globe Telecom and PLDT’s $1.5 billion joint buyout of San Miguel Corp’s telco assets, saying that the two firms are trying to take advantage of technicalities to evade the scrutiny of the Philippine Competition Commission, the Philippine Daily Inquirer reports. The Philippines' solicitor general has condemned Globe Telecom and PLDT’s $1.5 billion joint buyout of San Miguel Corp’s telco assets, saying that the two firms are trying to take advantage of technicalities to evade the scrutiny of the Philippine Competition Commission, the Philippine Daily Inquirer reports. In a damning 127-page comment filed on behalf of the commission, the solicitor general asked an appellate court to allow the antitrust review of the deal on the grounds that the telcos had withheld key details of the transaction in their submissions to the regulator, in particular a co-use agreement for valuable but unused radio frequencies. The court filing also said the transaction included provisions that prohibited San Miguel Corp from entering the telecoms industry in the future. San Miguel Corp President Ramon S. Ang said earlier that the decision to sell had come amid legal threats from PLDT and Globe....
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