The Philippines government has approved tycoon Dennis Uy's takeover of ro-pax group 2Go.
The competition commission (PCC) has okayed the acquisition by Uy's Udenna Corp of 100% of a company that has a stake in 2Go parent Negros Navigation (Nenaco).
The deal was halted in February and the companies fined PHP 19.6m ($0.37m) for finalising the transaction "without clearance from the antitrust commission," Business World reported.
In April, 2Go said it would be the surviving entity following a merger with Nenaco.
Meanwhile, Uy's listed shipping holding company Chelsea Logistics Corp posted a bigger first quarter profit after acquisitions boosted the bottom line.
Earnings were PHP 115m, up 326%, it said.
About 44% of revenue came from Chelsea Shipping, which has 12 tankers and four barges.
The group also controls Trans-Asia Shipping Lines and the recently acquired Starlite Ferries.
