A PYMNTS Company

Mexico: COFECE rejects Cornershop purchase by Walmart; companies criticize resolution

 |  June 11, 2019

The Federal Economic Competition Commission (COFECE) of Mexico has rejected the move made by Walmart Inc. to purchase the Cornershop digital platform. Faced with the refusal, the companies have criticized and responded to the regulator.

Walmart announced the planned operation worth US$225 million in 2018, where Cornershop would remain an open platform for the delivery of a broad portfolio of products, including food, beauty products, and more.

However, COFECE rejected the operation, considering that it will hurt free competition in the market for the immediate purchase and delivery of products offered by self-service stores and price clubs.

Full Content: ExpansionAmerica Retail

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.