The Philippine Competition Commission said Tuesday there is no need for Robinsons Supermarket Corp. to notify the agency of its full acquisition of Ministop Philippines.
PCC chairman Arsenio Balisacan said in a statement Robinsons’ majority stake in Ministop already affords them control and that Robinsons is no longer required to notify the antitrust body about the acquisition of more shares.
However, he said the commission takes note of the scope of Robinsons’ portfolio in the consumer retail sector, which includes supermarkets, department stores and community malls.
Robinsons said Monday it would acquire the remaining 40-percent share of Ministop Philippines in February, effectively taking full ownership of the business.
The PCC also received reports about Ministop divesting its stake in Korean unit to Lotte and the sale of its joint venture stake in the Philippines.
As local partner, Robinsons Supermarket Corp. has a 60-percent stake in Robinsons Convenience Stores Inc., the master franchisee of Ministop in the Philippines.
The PCC reminded that merger reviews are focused on the effects and changes of market behavior in the hands of new owners or stakeholders.
This transaction may result in a change in ownership of a significant portion of equity but it is not likely to have an effect on the economic behavior of the target firm, Balisacan said.
The antitrust agency said it would continue to monitor acquisitions of notable brands and sizable firms to prevent the substantial lessening of competition in the market.