(Eagle News) — The Philippine Competition Commission launched on Tuesday a review of the Uber and Grab merger.
In a statement on Tuesday, the PCC said the “motu proprio review…of the acquisition by Grab Holdings, Incorporated and MyTaxi.PH, Incorporated of the assets of Uber BV and Uber Systems, Incorporated” was in view of the possibility it would “lead to a virtual monopoly in the ride-sharing market.”
A motu proprio review refers to an inquiry conducted by the PCC on its own without any notification from the companies involved in mergers and acquisitions.
“The same preliminary assessment also indicated that the riding public and partner drivers may be adversely affected by the transaction,” the PCC said.
The announcement of the review comes a day after the PCC met with representatives of Grab and Uber.
On March 26, Uber announced it was pulling out of Southeast Asia, and selling its operations there to Grab.
It said it would receive a 27.5 percent stake in the business.
