PCC approves Robinsons’ 100% acquisition of shares in Rustan Supercenters

The Philippine Competition Commission has approved the acquisition by Robinsons Retail Holdings Inc. of a 100 percent stake in Rustan Supercenters Inc. from Mulgrave Corporation B.V., Robinsons said on Friday

Mulgrave is a wholly-owned member of the Dairy Farm International Holdings Ltd. Group of companies.

In a letter dated August 16, 2018, the commission has decided that the acquisition of shares does not result in a substantial lessening of competition in the relevant market, for the following reasons:

• There is no ability and incentive for the parties to engage in foreclosure post-acquisition

• There are sufficient competitive constraints remaining from others participants, post-transaction

On March 23, 2018, Robinsons announced that it has agreed to partner with Dairy Farm in building a leading food retail business. The transaction involves a share-for- share swap involving shares of Rustan Supercenter in exchange for primary common shares of Robinsons Retail.

“Completion of the transaction is expected within the next few months, at which time a further announcement will be made,” said Gina Roa-Dipaling, Investor Relations Officer at Robinsons. —VDS, GMA News