Merger Alert: Outcome of mergers decided by the Tribunal - 18 March 2025
The following Merger Alert is for information purposes only and is not binding on the Competition Tribunal or any member of the Tribunal
| Type of matter | Parties involved | Tribunal Decision |
| Large merger | Novus Holdings Ltd and Mustek Ltd | Approved with conditions |
| Large merger | ADNOC International Germany Holdings AG and Covestro AG | Approved without conditions |
| Large merger | Pick n Pay Retailers (Pty) Ltd and Plumstead Family Store (Pty) Ltd | Approved with conditions |
| Large merger | Education Investment Impact Fund of South Africa (Pty) Ltd and Acudeo Kirkney (Pty) Ltd, Acudeo Protea Glen (Pty) Ltd, Acudeo Thornview (Pty) Ltd, Acudeo Crystal Park (Pty) Ltd and Acudeo Property Rf (Pty) Ltd | Approved without conditions |
Novus Holdings Ltd and Mustek Ltd
The Competition Tribunal (“Tribunal”) has conditionally approved the proposed merger in which Novus Holdings Ltd (“Novus”) intends to acquire additional shares in Mustek Ltd (“Mustek”). The Tribunal has approved the proposed merger subject to employment related public interest conditions.
Novus is listed on the Johannesburg Stock Exchange (“JSE”). The acquiring group (Novus, its controlling entities and the firms it controls) operates a commercial printing, manufacturing and packaging business. Among others, it owns a small publishing offering mainly in the commercial and consumer space and a media supply chain management entity, with local community newspapers.
Mustek is also a JSE-listed entity. The Mustek Group (Mustek and all firms directly and indirectly controlled by it) is primarily active in the Information and Communication Technology (“ICT”) sector. In particular, it assembles and distributes personal computers, complimentary ICT products, services and software. Its distribution portfolio includes popular laptop brands, gaming equipment, printers, desktops and other related hardware.
ADNOC International Germany Holdings AG and Covestro AG
The Tribunal has unconditionally approved the proposed merger whereby ADNOC International Germany Holding AG (“ADNOC”) intends to acquire Covestro AG (“Covestro”). Post-merger, ADNOC will exercise sole control over Covestro.
ADNOC, a German firm, is controlled by Abu Dhabi National Oil Company. The acquiring group (ADNOC, its subsidiaries, the firms controlling ADNOC and the firms controlled by those firms) is an energy and petrochemicals group. It is active in exploring, producing, refining and distributing products like sulphur, gas oil, jet fuel and gasoline. It also develops petrochemical products globally and provides bulk tramp shipping services to and from South Africa. Locally, it supplies products such as sulphur, gas oil, gasoline, jet fuel, ammonia and polyolefins, specifically polyethylene and polypropylene, which are relevant to the proposed merger.
Covestro, a German firm listed on the Frankfurt Stock Exchange, is a global manufacturer of base chemicals including dissolved polymers based on polyurethane, polycarbonate and polyester. These are used as inputs to manufacture coatings such as paints, adhesives and lacquers. In South Africa, Covestro supplies its polyurethane, polycarbonate and polyester-based chemicals / coating resins through various third party distributors. It has no presence or employees in South Africa.
Pick n Pay Retailers (Pty) Ltd and Plumstead Family Store (Pty) Ltd
The Tribunal has conditionally approved the proposed merger in which Pick n Pay Retailers (Pty) Ltd (“Pick n Pay Retailers”) intends to acquire the grocery retail business owned and operated by Plumstead Family Store (Pty) Ltd (“PnP Plumstead”). Post-merger, PnP Plumstead will be solely controlled by Pick n Pay Retailers. The Tribunal has approved the proposed merger subject to employment related public interest conditions.
Pick n Pay Retailers is a wholly owned subsidiary of Pick n Pay Stores Ltd (“Pick n Pay”). Its activities are mainly focused on the wholesale and retail of fast-moving consumer goods including groceries, liquor, clothing and health and beauty products. Pick n Pay operates a multi-format, multi-channel retail business, with both corporate owned stores and franchise retail outlets.
PnP Plumstead is branded as a Pick n Pay Supermarket, operating as a Pick n Pay franchise in line with their multi-format offering. The store offers products including groceries, clothing (through “Pick n Pay Clothing”) and liquor (through “Pick n Pay Liquor”) as well as providing money market services.
Education Investment Impact Fund of South Africa (Pty) Ltd and Acudeo Kirkney (Pty) Ltd, Acudeo Protea Glen (Pty) Ltd, Acudeo Thornview (Pty) Ltd, Acudeo Crystal Park (Pty) Ltd and Acudeo Property Rf (Pty) Ltd
The Tribunal has unconditionally approved the proposed merger in which Education Investment Impact Fund of South Africa (Pty) Ltd (“EduFund”) intends to acquire shares in: (i) Acudeo Kirkney (Pty) Ltd; (ii) Acudeo Protea Glen (Pty) Ltd; (iii) Acudeo Thornview (Pty) Ltd; (iv) Acudeo Crystal Park (Pty) Ltd (collectively referred to as "Opcos"); and (v) Acudeo Property RF (Pty) Ltd ("Propco") from Schools and Education Investment Impact Fund of South Africa. Post-merger, EduFund will control the Opcos and the Propco.
EduFund is controlled by the fund manager, Old Mutual Alternative Investments (Pty) Ltd. It is an education impact fund, investing in independent schools, tertiary education and ancillary education services.
Each Opco is established to, among others, register and operate the ACUDEO Schools and receive the school fees. Propco is established to, among others, purchase, own and develop the land and buildings on which the ACUDEO Schools are situated.
Issued by:
Gillian de Gouveia
Communications Manager: Competition Tribunal of South Africa
Cell: +27 (0) 82 410 1195
E-Mail: GillianD@comptrib.co.za
Website: www.comptrib.co.za
Twitter: @comptrib
LinkedIn: Competition Tribunal of South Africa
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