The Philippine Competition Commission cleared the acquisition of substantial assets of Takata Corp. by Ningbo Joyson Electronic Corp.
Once consummated, all Takata assets cited in the proposed transaction will be wholly owned by Ningo Joyson Electronics.
The mergers and acquisitions office of the PCC in a decision on February 27 said the transaction “does not result in substantial lessening of competition in the relevant market.”
“There are no product overlaps between the parties in the domestic market (Philippines),” the Commission decision read. Ningbo Joyson Electronics and Takata are Japan-based companies.
Ningbo Joyson Electronics is into the production of automotive electronics and functional modules for global distribution, especially in China.
Its local subsidiary, Key Safety Systems Holdings Inc., is active in the research and development, design, manufacture, marketing and sale of automotive safety systems.
