FTC mergers increase

A sharp increase in mergers within the retail industry is attracting the attention of the Fair Trading Commission (FTC).

According to its Chief Executive Officer Sandra Sealy, during the last year, the facility had not only been conducting investigations into alleged anti-competitive practices, but also dealing with a rise in mergers across the Barbadian landscape.

“There has been a sharp increase in the number of investigations related to mergers, acquisitions and acquisitions in the retail sector,” she said.

Outlining that in the 2003-2013 decade only one merger was dealt with by the Fair Competition department, she revealed, “However, from 2013 to present, we have seen a steady increase and right now we do two mergers a year. In addition to several allegations of abusive conduct and a few cases of anti-competitive agreements.”

At the time, she was addressing the ninth annual Training Programme in Competition Law and Policy.

The two-day event, which is being held at Accra Beach Hotel is aimed at providing participants including business leaders, legal professionals and administrators with a broad overview of competition law and policy, focusing on goals and benefits of effective competition.

“The success of the commission’s efforts relies heavily from co-operation and trust of our stakeholders for it is through collaboration that we are able to stay informed and make determinations with regards to business practices,” she added.

Sealy stressed the importance of educating the business community “as we seek to deepen the competition culture in Barbados”.

“It is also important to recognise that competition policy is intrinsically linked to consumer protection for at the end of the day the creation of a competitive environment would be for the benefit of consumers as they would benefit from the protection afforded by the commission’s work,” she added. (JMB)