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Antitrust body OKs key deal in Dennis Uy's bid to takeover 2GO

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ABS-CBN News

MANILA - The Philippine Competition Commission on Monday said it has cleared a key deal in Davao-based businessman Dennis Uy&#x27;s push to secure a majority stake in shipping company 2GO. The PCC said it approved the buyout by Uy&#x27;s Udenna Corp of the entire outstanding capital stock of KGL Investment BV (KGLI-BV), a Dutch company that has a minority interest in KGLI-NM Holdings Inc (KGLI-NM). KGLI-NM owns a majority stake in Negros Navigation, which in turns owns the 2Go Group. The PCC voided the deal in February for failure to comply with reportorial requirements. Udenna and KGLI-BV were also fined P19.6 million. <ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/02/19/18/antitrust-body-voids-dennis-uy-acquisition-of-shipping-holding-firm">Antitrust body voids Dennis Uy acquisition of shipping holding firm</a></li></ul>But the PCC said the two firms have already paid the fine and complied with regulations.&quot;The parties then filed their notification on March 23 and entered the Phase 1 review on April 5. The firms also paid the fine on April 19 at the National Treasury as part of the compliance order,&quot; the PCC said. Uy&#x27;s Udenna is engaged in a variety of businesses including petroleum products, shipping and real estate. Uy also recently acquired the Philippine operations of Japanese convenience store chain FamilyMart and hospitality school Enderun.<ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/10/31/17/why-familymart-acquisition-makes-perfect-sense-for-dennis-uy">Why FamilyMart acquisition makes &#x27;perfect sense&#x27; for Dennis Uy</a></li></ul>

The Philippine Competition Commission on Monday said it has cleared a key deal in Davao-based businessman Dennis Uy's push to secure a majority stake in shipping company 2GO.

The Philippine Competition Commission on Monday said it has cleared a key deal in Davao-based businessman Dennis Uy's push to secure a majority stake in shipping company 2GO.