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SM backs out of Goldilocks acquisition, anti-trust body says

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Cathy Yang and Warren de Guzman ABS-CBN News

MANILA - (UPDATE) SM Retail Inc has backed out of its planned acquisition of Goldilocks Bakeshop, the head of the country&#x27;s anti-trust watchdog that reviewed the deal said Thursday.SM informed the Philippine Competition Commission of its decision in writing, PCC Chairman Arsenio Balisacan told ABS-CBN News.&quot;It’s a completely business decision on their part, we’re happy we went that far and they cooperation, SM presented their undertaking but at the end of the day they decided not to continue their transaction,&quot; Balicasan said.After Balisacan&#x27;s announcement, SM said it agreed with Goldilocks &quot;not to pursue the transaction given changes in the general business environment.&quot; It did not elaborate.Shares of SM Investments were up 1.17 percent compared to a 0.4 percent advance on the main index after Balisacan&#x27;s statement. Shares of its shopping mall arm, SM Prime Holdings were up 0.54 percent.Commissioner Johannes Bernabe of the PCC quoted SM as saying in its notice that the acquisition was called off due to &quot;commercial&quot; considerations.Bernabe said he was surprised with the move, which came a month after the PCC said it could proceed.The watchdog had expressed concern that the deal might limit the supply of retail space in SM Malls for Goldilocks&#x27; competition and the mall operator might also share the competition&#x27;s sales information with Goldilocks.SM addressed the PCC&#x27;s questions and the deal was approved in January.<ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/01/09/18/sm-acquisition-of-goldilocks-gets-ok-from-competition-watchdog">SM acquisition of Goldilocks gets OK from competition watchdog</a></li></ul><div>Catch The Boss on ANC and iWantTV. New episodes premiere on Thursdays, with replays on the same day at 11 p.m., Fridays at 3:30 a.m. and 1 p.m.; Saturdays at 4:30 a.m. and 10 a.m., Sundays at 10 p.m. and Mondays at 9:30 a.m.</div>

SM Retail Inc has backed out of its planned acquisition of Goldilocks Bakeshop, the head of the country's anti-trust watchdog that reviewed the deal said Thursday.

SM Retail Inc has backed out of its planned acquisition of Goldilocks Bakeshop, the head of the country's anti-trust watchdog that reviewed the deal said Thursday.