Everything is on the up and up, according to the CA
The Court Of Appeals have given its stamp of approval on the acquisition of both PLDT and Globe Telecom of San Miguel’s Corporation’s telco assets in the Php 70-billion deal last year, including the company’s highly lucrative 700MHz spectrum.
It has also instructed that the Philippine Competition Commission to stop further investigation of the deal, “recognize the subject acquisition as approved by operation of law” and “cease and desist from conducting further proceedings for the pre-acquisition review and/or investigation of the subject acquisition.”
Globe and PLDT tussled with the PCC, arguing that the transaction was deemed approved when it served the notice of the deal. The PCC countered that that was not the case, saying that it could not be, pending its evaluation.
The PCC earlier elevated the Php 70 billion buyout deal case to the Supreme Court, asking it to lift the injunction on the review of the transaction. The CA Special 12th Division earlier denied the petition of the PCC to be allowed to review and investigate PLDT and Globe Telecom’s buyout deal.
