By P.R. Venkat

San Miguel Corp. said its plan to acquire Holcim Philippines Inc. would no longer proceed as it had failed to secure approval from the Philippine Competition Commission.

The agreement to acquire 85.73% shares of Holcim Philippines from LafargeHolcim Ltd. has now lapsed and the launch of tender offer has been withdrawn, San Miguel said Monday.

LafargeHolcim Ltd. had in May last year said that it had agreed to sell its Philippines unit to San Miguel for an enterprise value of $2.15 billion.

The sale was part of LafargeHolcim's strategy to exit from the Southeast Asian markets. Last year, the Swiss cement maker sold its Indonesia operations to Semen Indonesia (Persero) for $1.75 billion.

San Miguel's acquisition was initially due to close in the fourth quarter of 2019, subject to regulatory approvals.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

May 10, 2020 21:38 ET (01:38 GMT)

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