Philippine solicitor general says $1.5b telco deal should be void, subject to penalties
( October 6, 2016, 03:44 GMT | Insight) -- In a court filing made on behalf of the Philippine Competition Commission, the country’s solicitor general said PLDT and Globe Telecom should pay penalties of up to 3.5 billion pesos ($72.6 million) for consummating their $1.5 billion joint acquisition of San Miguel Corp’s telco assets without the PCC’s approval, The Philippine Daily Inquirer reports. In a court filing made on behalf of the Philippine Competition Commission, the country’s solicitor general said PLDT and Globe Telecom should pay penalties of up to 3.5 billion pesos ($72.6 million) for consummating their $1.5-billion joint acquisition of San Miguel Corp’s telco assets without the PCC’s approval, The Philippine Daily Inquirer reports. According to Philippine antitrust laws, if an M&A is consummated in the absence of a valid notification to the PCC, the parties involved are liable to pay fines of up to 5 percent of the value of the transaction. The government lawyer again called on the court to allow PCC’s antitrust review of the deal, which has been temporarily halted by another division of the appellate court, and to order the companies involved to cease and desist from further implementing it....
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