THE Philippine Competition Commission (PCC) has approved the proposed joint venture (JV) between Ayala Corp. and EMIF II Holding III B.V., saying the deal is unlikely to significantly reduce competition in the freight and logistics sector.
In a statement on Wednesday, the PCC said both domestic and international freight forwarding markets are highly fragmented, with customers often using multiple providers.
“The market for container liner shipping services is characterized by the presence of numerous global and regional carriers and strong buyer power, which effectively limits any ability or incentive to restrict capacity or degrade service,” it said.
It also noted that contract logistics and container shipping services remain competitive, with strong buyer power and performance-based tenders limiting any incentive to restrict capacity or reduce service quality.
The approval follows a March 2025 agreement in which Denmark-based A.P. Moller Capital, through EMIF II Holding III B.V., agreed to acquire as much as 40% of Ayala’s logistics unit, AC Logistics Holdings Corp., subject to final pricing, regulatory approvals and the achievement of agreed business milestones.
Ayala Corp. said the entry of A.P. Moller Capital, an affiliate of A.P. Moller Holding — the parent of global shipping and logistics giant Maersk — would enhance AC Logistics’ capacity to address growing and more complex logistics demand.
A.P. Moller Capital manages infrastructure funds focused on expanding transport and logistics setups while supporting the energy transition.
Founded in 2021, AC Logistics provides supply chain services including cold chain management, freight forwarding, national distribution, and contract logistics.
It operates a nationwide network of distribution centers and maintains a fleet of temperature-controlled trucks and other transport assets, complemented by an extensive agent network.
The PCC said its review examined markets potentially affected by the transaction, including domestic and international freight forwarding, nationwide contract logistics and container liner shipping for sea freight. The agency’s assessment relied on information from the parties, as well as input from logistics regulators and industry stakeholders.
Shares of Ayala Corp., which operates across real estate, banking, telecommunications, renewable energy, healthcare, mobility and logistics, rose 1.46% to P487.60 each on the Philippine Stock Exchange. — Alexandria Grace C. Magno
