 |
Record:
| Header: |
International Mineral and Kermas SA |
| Case No : |
56/LM/Aug09 |
| Parties: |
International Mineral Resources BV
AND
Kermas South Africa (Pty) Ltd Samancor Chrome Limited |
| Case Rating: |
1 |
| Date: |
29/1/2010 |
| Time: |
10:00:00 AM |
| Case summary: |
The Competition Tribunal unconditionally approved merger between International Mineral Resources BV (IMR) and Kermas South Africa (Pty) Ltd and Samancor Chrome Limited.
In April 2006, the Tribunal unconditionally approved a merger in which IMR acquired 32.5% of the issued shares in Kermas SA, including certain rights that enabled IMR and Kermas to jointly control Kermas SA and consequently Samancor Chrome. Subsequently, IMR acquired a further 7% shareholding in Kermas SA held indirectly through Batho Barena Investments Holdings, which is currently held purely in a warehousing capacity after the previous BEE shareholders disposed of their shares, and which will be dealt with in accordance with the Department of Minerals’ directions.
In terms of the proposed transaction, IMR will acquire the remaining 34.5% shareholding held by Kermas Limited in Kermas SA, which will give IMR a total shareholding of 74%. In addition (but separate to this transaction), IMR is in the process of acquiring a further 3% shareholding from Volmet Investment SA, and once this acquisition is implemented, IMR will effectively have 77% shareholding in Kermas and Samancor Chrome. In terms of the proposed transaction, the post merger structure will compose of: IMR 74%, Vollmet Investment SA 3%, and other shareholders 23%.
|
| Keywords: |
large merger, mining, mine shafts, chrome mines, national |
| Judgment source: |
Competition Tribunal |
| Documents: |
56LMAug09.pdf
|
| Last update user: |
tebogo mputle |
| Last update date: |
8/2/2010 12:18:19 PM |
|