Antitrust body approves SMC Global's power deals

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Metro Manila (CNN Philippines, February 27) — The Philippine Competition Commission (PCC) has approved the acquisition by SMC Global Power Holdings of three other energy companies, saying the deal did not adversely affect the electricity supply market. 

Under the transaction, SMC Global, a subsidiary of San Miguel Corporation, will hold 100-percent ownership of Masin-AES Pte. Ltd., AES Transpower Pte. Ltd. and AES Philippines Inc.

In a statement on Monday, the Philippine Competition Commission said there remained "sufficient post-acquisition competitive constraints from competitors in the power generation and retail electricity supply market."

SMC Global, a subsidiary of San Miguel Corporation, is one of the largest power companies in the country. It controls 22 percent of Luzon's power grid and 17 percent of the national grid.