Anti-trust watchdog OKs Dennis Uy’s purchase of Starlite Ferries
The Philippine Competition Commission (PCC) has approved Chelsea Logistics Holdings Corp.’s planned acquisition of local shipping firm Starlite Ferries Inc.
In giving its green light, PCC said the proposed transaction would not result in the substantial lessening of competition.
“(S)ince there are no overlaps between the parties’ passenger/cargo transport services in the Philippines, the merged firm does not have the ability and incentive to engage in foreclosure, post-acquisition, and in any case, sufficient post-acquisition competitive constraints on the merged firm remain from other market participants,” PCC said.
Davao-based businessman Dennis Uy’s CLC is buying out Starlite as part of its business expansion to take advantage of growing trade opportunities.
Starlite has 14 vessels in its fleet, of which five are roll-on, roll-off (RoRo) passenger vessels which were acquired since 2016. The company services the ports of Batangas, Mindoro, Roxas, Aklan, and Romblon.
CLC, on the other hand, has 11 tankers, eight tugboats, seven Ro-Ro vessels with passenger accommodation (RoPax), four barges and three cargo ships.