Gokongwei’s P18B buy-in of Rustan Supercenters gets PCC OK
Robinsons Retail Holdings Inc. has obtained approval from the Philippine Competition Commission to take over high-end grocery chain operator Rustan Supercenters Inc.
Bilyonaryo John Gokongwei’s RRHI is acquiring 100 percent of Rustan Supercenters which operates Marketplace by Rustan’s, Rustan’s Supermarket, Shopwise Hypermarket, Shopwise Express and Wellcome.
The shares will be acquired from Mulgrave Corp., a member of London-listed Dairy Farm International Holdings Ltd. Group of companies.
In green lighting the transaction, PCC said the acquisition does not result in a substantial lessening of competition in the relevant market because there is no ability and incentive for the parties to engage in foreclosure post-acquisition and there are sufficient competitive constraints remaining from other participants, post-transaction.
The transaction involves a share for share swap involving shares of Rustan Supercenters in exchange for common shares of RRHI.
Completion of the transaction is expected within the next few months, at which time a further announcement will be made.