‘NO NEED TO REVIEW ROBINSONS’ MINISTOP DEAL’

Robinsons Supermarket full ownership of Ministop’s business in the Philippines will likely not change how it behaves in the market, the antitrust body said, since the Gokongwei group already had control through a majority stake even before the currently planned acquisition.

Robinsons Supermarket Corp. will buy the remaining 40-percent share of Ministop Japan next month, which would give the Gokongwei group full ownership of the business, more than two decades since the popular convenience store opened its first branch in the Philippines.

The Philippine Competition Commission (PCC) said in a statement on Tuesday that its merger reviews usually focus on how new ownerships would translate to a new market behavior. But since Robinsons had control even before the acquisition, it said it was unlikely that its market behavior would change.

“Merger reviews are focused on the effects and changes of market behavior in the hands of new owners or stakeestimate holders. 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,” said PCC chair Arsenio Balisacan.

This developed as the Japanese convenience store chain lets go of its operations in South Korea and the Philippines so it could focus on its home market, according to a recent report from Nikkei Asia. The report said Ministop Japan will sell its South Korean subsidiary to Seoul-based conglomerate Lotte, while also unloading its stake in the Philippines.