PCC approves JTI-Mighty Corp, Rockwell-Mitsui deals
JTI-Mighty deal gets anti-trust body’s nod
The Philippine Competition Commission approved the P46.8 billion acquisition by Japan Tobacco Inc. of the Wongchuking family’s Mighty Corp.
The transaction is not likely to result in anti-competitive effects in the market, PCC said in giving its blessing.
“There appears to be no ability nor incentive for the parties to engage in anti-competitive coordinated behavior,” PCC said.
“Sufficient competitive constraints remain from other market participants after the sale,” the anti-trust watchdog added.
JTI is paying $936 million for the distribution network, manufacturing and equipment and inventories of Mighty while JT International SA will own the trademarks and associated intellectual property of Mighty and Wong Chu King Holdings Inc.
Mighty is the Philippines’ second largest tobacco producer with a 23 percent overall market share. It holds 50 percent of the vlaue product category owing to its popular Mighty abs Marvels brands.