![]() “In other jurisdictions, what has happened is the landlord tends to favor their affiliates. Now, SM is not only a landlord, but a competitor of the other breadshops,” the commissioner had explained on the sidelines of a media roundtable. “Obviously, what was problematic there was SM was the landlord and Goldilocks, Conti’s, Breadtalk, Red Ribbon, and others are tenants. When SM first filed a notice before the commission on its planned Goldilocks acquisition, PCC commissioner Johannes Bernabe said the agency had previous concerns over the transaction. The country’s largest mall operator and the anti-trust watchdog agreed to these conditions, after 4 months of thorough review. SM also told PCC that it will not refuse Goldilocks’ competitors from locating in its malls in a manner that is contrary to fair, reasonable terms or will result in foreclosure. SM group has “voluntarily committed” to not to give Goldilocks an access to competing mall tenants’ sales data captured by the point-of-sales system of SM tenants, whether referring to consolidated sales, product category level or prices or quantities sold. (READ: PCC’s decision on the SM-Goldilocks acquisition) “It is unfortunate that this happened but it is a business decision that we respect,” she added.Įarly this month, the Philippine Competition Commission (PCC) allowed the transaction to happen with several conditions: give Goldilocks’ competitors a “fair chance” to secure prime locations in SM malls and not to access some specific sales data. “They said circumstances surrounding Goldilocks obviously changed and they had to reassess the commercial aspects of the transaction in the first place,” Quimbo told reporters on the sidelines of a forum in Makati City on Thursday. PCC commissioner Stella Quimbo said SM and Goldilocks informed her office this week that they will not push through with the planned acquisition, weeks after the anti-trust watchdog approved the transaction. This was confirmed by Goldilocks president Richard Yee, who said in a statement that “changes in the marketplace” has caused the bakeshop chain and mall operator “to re-evaluate” their position and end the deal. “Both SM and Goldilocks have jointly agreed not to pursue the transaction given changes in the general business environment,” SM said in a statement on Thursday, February 1. MANILA, Philippines (UPDATED) – SM Retail Incorporated of Philippines’ richest man Henry Sy Sr has abandoned its plan to buy the country’s largest bakeshop chain, Goldilocks Bakeshop Incorporated. ![]()
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