No sore loser: John Gokongwei respects PCC rejection of Batangas sugar mill buyout
The Philippine Competition Commission’s decision to shot down Universal Robina Corp.’s acquisition of Roxas Holdings’ sugar miling operations in Batangas would not have an impact on tycoon John Gokongwei’s food manufacturing unit.
“The decision by the PCC does not materially affect the business plans of URC, which is a leading food and beverage company in the country, ” URC said in a filing with the stock exchange.
“URC accepts the PCC decision and affirms its commitment and support to the efforts of government for a strong market economy,” it added.
PCC blocked URC’s buyout of Central Azucarera Don Pedro because the deal would result in a monopoly, “substantially lessening competition” in Southern Luzon.
URC said it initiated the acquisition of CADPI with the goal of attaining greater production efficiency and providing quality and affordable products to consumers.