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Grab's acquisition of Move It does not need approval: antitrust body
Grab's acquisition of Move It does not need approval: antitrust body
ABS-CBN News
Published Oct 18, 2022 01:23 PM PHT
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Updated Oct 18, 2022 01:30 PM PHT
Grab and Move It logos. Photo: Grab Philippines
MANILA - Grab Philippines' acquisition of motorcycle ride-hailing firm Move It does not need the approval of the Philippine Competition Commission since it likely did not breach the threshold for compulsory notification, the agency said on Tuesday.
"The parties need not wait for approval from the PCC to consummate the transaction," the PCC said in a statement.
Based on available information, the transaction was entered into when the P50 billion notification thresholds under the Bayanihan to Heal as One Act was in effect, it said.
But the antitrust watchdog said it could still launch a motu proprio review "if it finds reasonable grounds to believe that the deal will result in substantial lessening of competition in the relevant markets."
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The PCC earlier backed the proposed amendments to the Land Transportation and Traffic Code to allow 2-wheeled vehicles as a mode of public transport.
Move It is part of the pilot test of motorcycle taxis, along with Angkas and JoyRide.
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