Eagle Cement says it's not part of San Miguel-Holcim deal

Eagle Cement Corp. on Wednesday clarified that it is not a party to San Miguel Corp.'s planned purchase of Holcim Philippines Inc. — a deal flagged by antitrust authorities for potential monopoly.

In a statement, Eagle Cement noted that it is not owned and controlled by the Top Frontier Group and San Miguel.

"Eagle Cement also clarifies that it is not involved in the SMC-Holcim deal," it said.

The local cement maker made the clarification after the Philippine Competition Commission (PCC) flagged the SMC-Holcim deal for “monopoly, increased market power, and potential collusion arising from the merger." 

In its statement of concerns, the antitrust body said it included Eagle Cement as part of the Top Frontier group in its market definition and competitive assessment.

The PCC cited interlocking officers and directors between Eagle Cement and Top Frontier.

Ramon Ang is the chairman of Eagle Cement. Ang is also the vice chairman of San Miguel.

He is also a director, president and chief executive officer of San Miguel's parent firm Top Frontier.

San Miguel subsidiary First Stronghold Industries Inc.’s planned purchase of 85.7 percent equity interest in Holcim Philippines for $2.15 billion.

First Stronghold is a holding company created for the transaction. It is wholly owned by San Miguel Equity Investments, Inc., which in turn is a subsidiary of SMC—all under Top Frontier Investment Holdings Inc. —Ted Cordero/KBK, GMA News