PCC gives green light to SM-Goldilocks deal
The Philippine Competition Commission (PCC) has given the nod for SM Retail Inc. to acquire Goldilocks Bakeshop, Inc. after the former committed to address possible issues on tenant discrimination and data protection.
In a news report, the antitrust body said it approved the transaction last Dec. 29, 2017, a day after the SM Group submitted an amended and final undertaking outlining its commitment to ensure a level playing field for Goldilocks’ competitors in its malls.
The PCC’s Mergers and Acquisition Office identified potential competition issues arising from the transaction such as ‘the possibility of partial or total foreclosure in the supply of retail space in SM malls to competitors of Goldilocks after its acquisition by the SM Group.’
The SM Group responded with a comprehensive undertaking on Dec. 22, 2017.
The PCC said an ‘information firewall’ would serve to ensure that ‘SM Retail/Goldilocks will not be able to use sales data or information of its competitors to its advantage.’