The Philippine Competition Commission (PCC) said it has approved the plan of Dutch holding company Mulgrave Corporation B.V. to acquire 100 percent of the shares of Cebu-based drugstore chain Rose Pharmacy.
Mulgrave, a unit of Hong Kong-based Dairy Farm International Holdings, Ltd., currently owns 49 percent of the issued and outstanding shares of Rose Pharmacy, Inc.
It is considering acquiring the remaining 51 percent from the Cebu-based BRG Realty Corporation, parent firm of Rose Pharmacy founded by couple Benjamin and Rosario Lim.
Mulgrave would end up owning 100 percent of the issued and outstanding shares of Rose Pharmacy.
In a statement, the PCC said the proposed transaction would be between Mulgrave and BRG Realty.
The anti-trust authority said it found that "the transaction does not result in substantial lessening of competition in the pharmaceutical retail market."
"In its Commission Decision dated December 4, PCC cited no substantial changes in the control, management, and operations of Rose Pharmacy Inc. after the acquisition," it added.
The commission said the principal activities of MCBV are investment holding and financing of its subsidiaries, while BRG is engaged in real estate and general merchandise business.
Rose Pharmacy, founded in 1952, currently operates 257 branches in the Philippines.
Dairy Farm, a unit of Jardine Matheson Ltd., acquired 49 percent of Rose Pharmacy in November 2014. Dairy Farm also owns Rustan's Supercenters, Inc., which operates the Rustan's Supermarket, Shopwise and Wellcome. (Ventures Cebu)