Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 5 October, <a href="https://www.smartkarma.com/entities/san-miguel-corporation" target="_blank" data-smartkarma-citation="entities:22728:1" rel="noopener">San Miguel (SMC PM)</a> announced the acquisition of <a href="https://www.smartkarma.com/entities/eagle-cement-corp" target="_blank" data-smartkarma-citation="entities:31217:1" rel="noopener">Eagle Cement (EAGLE PM)</a> at P22.02/share. The deal triggered notification and clearance with the Philippine Competition Commission</li>
<li>I previously concluded in<a href="https://skr.ma/SBoFQ" target="_blank" rel="noopener"> San Miguel Turns Its Sights To Eagle Cement</a> there was no issue with PCC as the transaction was effectively left pocket, right pocket for SMC/Ramon Ang.</li>
<li>SMC has now announced that the Offer is not subject to approval from the PCC. No surprise there.</li>
</ul>


On the 5 October, San Miguel (SMC PM) announced the acquisition of Eagle Cement (EAGLE PM) at P22.02/share. The deal triggered notification and clearance with the Philippine Competition Commission
I previously concluded in San Miguel Turns Its Sights To Eagle Cement there was no issue with PCC as the transaction was effectively left pocket, right pocket for SMC/Ramon Ang.
SMC has now announced that the Offer is not subject to approval from the PCC. No surprise there.


Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

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First Pacific Company Limited is an investment holding company with operations located in Asia-Pacific. The Company principally invests in consumer food products, infrastructure, natural resources, and telecommunications.

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