San Miguel Corp. is no longer pushing through with the acquisition of leading cement-maker Holcim Philippines Inc. as the deal expired without getting clearance from the PCC. | Philbizwatcher
SMC told the Philippine Stock Exchange on Monday that its agreement to acquire 85.73 percent shares of HPI dated May 10, 2019, had now lapsed in accordance with its terms. Completion of the acquisition required the approval of the PCC which was achieved at this time, SMC said.
Accordingly, SMC has withdrawn the launch of the tender offer of the HPI shares held by its minority shareholders.
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