Exchange merger delayed
The planned union of the equities and the bond exchanges could suffer another delay as the Philippine Stock Exchange withdrew its acquisition application with the Philippine Competition Commission.
PCC commissioner Johannes Bernabe said in a press briefing the PSE recalled its merger application on September 4 after the merger and acquisition office of the PCC asked for additional information on the transaction.
“The status of the PSE-PDE deal is withdrawn with the intent to refile with the additional information,” Bernabe said.
Bernabe said PCC earlier found the initial set of information filed by the PSE complete, enabling the planned transaction to enter the second phase of the review process.
During the second phase of the review, however, the PCC’s merger and acquisition office asked for more information on the transaction to give the anti-trust body a better view of the competition impact of the deal.