Gokongwei's Ministop buyout 'no longer required' to notify antitrust body

Jessica Fenol, ABS-CBN News

Posted at Jan 25 2022 12:11 PM

https://sa.kapamilya.com/absnews/abscbnnews/media/2022/tvpatrol/01/25/ministop-robinsons.jpg

MANILA - The Gokongwei Group does not need to notify antitrust authorities of its buyout of partner in Ministop Philippines since the company holds majority control of the convenience store chain, the Philippine Competition Commission said Tuesday.

On Monday, Robinsons Retail Holdings announced Robinsons Supermarket Corp would buy the 40 percent stake of Ministop Japan in Robinsons Convenience Stores Inc this February, which will increase its shares to 100 percent from the current 60 percent.

"Based on PCC’s merger rules, the Commission acknowledges that Robinsons’ current majority stake in Ministop already affords them control, and Robinsons is no longer required to notify the proposed acquisition to the antitrust commission," PCC chairman Arsenio Balisacan said. 

Balisacan said mergers are reviewed to probe if there are changes in market behavior under the new owners or stakeholders.

The buyout of Ministop Philippines from the Japanese partners could result in a change in ownership of a significant portion of equity but it is unlikely to affect the economic behavior of the target firm, the PCC said. 

The PCC said it would continue to monitor the acquisitions of notable brands and sizable firms to prevent substantial lessening of competition in the market.

In 2021, the PCC said it received 4 mergers and acquisitions notifications under the threshold of P50 billion for the size of person and size of transaction enforced under the Bayanihan to Recover as One or Bayanihan 2.

For 2022, the agency said it would prioritize essential sectors such as 
e-commerce, health and pharmaceuticals, food and agriculture, energy and electricity, insurance, construction, water and telecommunications.

RELATED VIDEO:

Watch more News on iWantTFC