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Globe lashes out at “whimsical” regulator’s review of San Miguel acquisition

Filipino operator Globe Telecom has hit out at the country’s regulator the Philippine Competition Commission (PCC) over its review of the firm’s joint takeover of San Miguel with PLDT.

Globe has accused the regulator of “changing the rules suddenly in the middle of a game and acting on it whimsically.” It has argued that the PCC is giving unwarranted scrutiny to the joint acquisition proposed at the end of May.

The claims mark a further example of the country’s two major operators looking to increase the pressure on the PCC. Last week, Globe and PLDT asked the Filipino Court of Appeals to block a review of the deal by the regulator. Between them, the two operators share 99% of the Philippines’ mobile connections. They are acquiring San Miguel, which holds premium 700MHz spectrum, for PHP52.8 billion ($1.13 billion).

Globe argues that the acquisition should be “deemed approved” as it has complied with all PCC rules, but the regulator has countered that the country’s fair competition law means that it has the right to review the deal. 

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