Anti-cartel body approves auto parts giant Joyson’s buyout of Takata assets in PH
The Merger and Acquisition Office (MAO) of the Philippine Competition Commission (PCC) has approved the buyout of Takata Corporation’s assets by Ningbo Joyson Electronics Corp.
In a statement Wednesday, PCC announced that the transaction of the Japanese companies would not result in a substantial lessening of competition in the Philippine market.
Under the Philippine Competition Act, companies with merger and acquisition deals reaching the P1-billion threshold shall notify the Commission on their transaction.
This also includes global merger and acquisition deals which have presence in the Philippines.
The MAO reviews if the deals of the firms will result to anticompetitive behavior in relevant market.
Ningbo Joyson acquired Takata for $1.6 billion.
Ningbo Joyson manufactures automotive electronics and functional modules, while Takata engages in research and design, production, marketing and sale of automotive safety systems like airbags, seatbelts, and steering wheels.
Takata has manufacturing plant in the Philippines located in Biñan, Laguna. Its facility here produces airbag fabric and cushion as well as seatbelt webbing for export to related parties under the Takata Group.
“There are no product overlaps between the parties in the domestic market (Philippines),” the PCC decision dated Feb. 27 noted.
As of Feb. 21, the two-year old antitrust body received 151 notifications with transactions amounting to P2.25 trillion. (PNA)