MANILA, Philippines — Tycoon Manuel V. Pangilinan has pulled out his bid to purchase Sky Cable Corp. from the Lopezes over risks of catching the eye of antitrust regulators over existing business that directly overlaps with the cable provider. “We have withdrawn bidding process of Sky Cable. Upon review of Bayanihan II, PCC has power to review mergers and acquisitions,” Pangilinan told reporters in an online briefing on Thursday. Prior to Bayanihan II, PCC reviews M&A transactions worth at least P2.6 billion in size to prevent companies from monopolizing sectors that tend to put consumers at a disadvantage. Businessman Dennis Anthony Uy, chief executive of Converge ICT Solutions, as well as Dennis Uy of Davao were also said to be interested on Sky Cable.

Source: Philippine Star November 05, 2020 08:03 UTC