The Philippine Competition Commission (PCC) has cleared the acquisition of Rose Pharmacy by the Gokongwei family’s South Star Drug Inc.
In a regulatory filing, Robinsons Retail, led by bilyonaryo Robina Gokongwei-Pe, said the PCC’s mergers and acquisitions office concluded its motu proprio review, opting not to pursue further action on the completed acquisition. The decision was based on the absence of sufficient grounds to prohibit the deal.
The PCC initiated the review to assess the impact of the acquisition, particularly considering Rose Pharmacy’s significant presence in Visayas and Mindanao.
The comprehensive review, which began in November 2022, was completed in approximately 11 months.
On November 6, the PCC officially issued certification to Robinsons Retail, signaling the conclusion of the review process.
The acquisition, orchestrated by Robinsons Retail subsidiary South Star Drug traces back to a 2020 agreement with Mulgrave Corp. B.V, a wholly-owned subsidiary of Dairy Farm International Holdings Ltd. This agreement involved the acquisition of 100 percent ownership of Rose Pharmacy, a longstanding family-run drugstore established in 1952 in Cebu City.