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Friday, March 29, 2024

SM set to complete acquisition of 34% stake in Goldilocks

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Conglomerate SM Investments Corp. said Monday it is in the final stages of completing the acquisition of a 34-percent stake in bakeshop chain Goldilocks Bakeshop Inc.

“SM Investments Corp. confirms that it is in the final stages of completing its acquisition of 34 percent of the total outstanding capital stock of Goldilocks Bakeshop Inc,” SMIC said.

No other details were provided, including the acquisition cost.

The SM Group reported in February it cancelled its planned acquisition of Goldilocks because of “changes in the general business environment”.

After talks fell through, Goldilocks said it would focus on store expansion to sustain its growth momentum.

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The deal back then obtained an approval from the anti-competition watchdog, the Philippine Competition Commission, after the SM Group committed to address issues on tenant discrimination and data protection.

The SM Group, which owns more than 70 malls in the country, agreed to give Goldilocks’ competitors a fair shake in their lease at all times. 

It also committed to data protection which means the mall operator would not give Goldilocks access to competing mall tenants’ information including sales data captured by the POS system of SMPHI tenants.

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