MANILA, Philippines – Businessman Dennis Uy secured the approval of the Philippine Competition Commission (PCC) to acquire the 45% stake of Chevron Philippines in the Malampaya gas field.
UC Malampaya Philippines, a new unit of Uy's Udenna Corporation, has bought all shares of Chevron. The PCC Mergers and Acquisitions Office said that the transaction will not reduce market competition.
The PCC added that there are no "horizontal or vertical relationships" between Chevron and UC Malampaya.
Other parties involved in the Malampaya gas plant are Shell Philippines Exploration BV with a 45% stake and the Philippine National Oil Corporation which holds a 10% stake.
The latest acquisition blends with Uy's interest in the oil industry and further boosts his diverse portfolio. He owns Phoenix Petroleum. (READ: Dennis Uy debuts on 2019 Forbes rich list)
Uy, a campaign donor of President Rodrigo Duterte, has been on a buying spree for companies since 2016. He is also into food, telecommunications, infrastructure, shipping, and education. – Rappler.com