SMIC Corporate Secretary Elmer Serrano cited changes in the business environment.
In a disclosure to the PSE, he said “Regarding the proposed acquisition by SM Retail of Goldilocks, both SM and Goldilocks have jointly agreed not to pursue the transaction given changes in the general business environment."
Early in January, the Philippine Competition Commission (PCC) approved the planned acquisition after the two parties submitted their commitment to address potential competition issues in the deal. Among the potential concerns that were addressed by both parties was the possibility that there might be limited supply of retail space in SM Malls for Goldilocks’ competition. There were also concerns that SM Retail might get access to and share competition’s sales information with Goldilocks.
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