THE Philippine Competition Commission (PCC) said it cleared Inoza Business Holdings, Inc.’s proposed acquisition of a majority stake in TBG Food Holdings, Inc. (TBG Holdings).
According to the PCC, it found no competition concerns arising from the transaction on the supply of chicken meat, eggs, pork, and beef to the food service industry.
This is due to the “limited market shares and the availability of sufficient alternative suppliers,” it noted.
Holding company Inoza is an affiliate of Progeny Global Holdings, Inc. which has interests in agribusiness, food manufacturing, and limited-service restaurants.
Progeny operates the Bounty Fresh brand and limited-service restaurants Chooks-to-Go and Uling Roasters.
Meanwhile, TBG Holdings operates full-service restaurants under The Bistro Group, including Italianni’s, TGI Fridays, and Texas Roadhouse.
Its other restaurants include Siklab+, Olive Garden, Denny’s, Hard Rock Cafe, Modern Shanghai, El Pollo Loco, and Watami.
According to its website, The Bistro Group has 28 concept stores and 214 branches nationwide.
“The approval is expected to support continued competition in the food service and agribusiness sectors, while enabling strategic growth for both Inoza and TBG Holdings,” the PCC said.
Under the Philippine Competition Act, the PCC is tasked with reviewing mergers and acquisitions (M&As) to ensure that they do not harm competition, restrict consumer choice, or hinder innovation in the local market.
Earlier this year, the PCC raised the thresholds for M&A deals that will require notification to a size of party of P8.5 billion and a size of transaction of P3.5 billion.
Last year, the PCC reviewed 17 transactions valued at P784 billion, which brought the total deals it has reviewed to 328 transactions worth P6.27 trillion. — Justine Irish D. Tabile