Outcome of cases heard by the Tribunal - 1 April 2020
|
Type of matter | Parties involved | Commission’s recommendation to the Tribunal | Tribunal Decision |
| Large merger | Stanlib Infrastructure Yield Fund, Represented by Its General Partner, Stanlib Infrastructure GP 2 (Pty) Ltd and AFGRI Silo Company (Pty) Ltd | Approve without conditions | Approved without conditions |
| Large merger | Volvo Financial Services Southern Africa (Pty) Ltd And Volvo Vehicle Finance Debtors Book Owned By Wesbank, A Division of Firstrand Ltd | Approve without conditions | Approved without conditions |
| Large merger | Unitrans Automotive (Pty) Ltd and Cedar Isle Auto (Pty) Ltd | Approve without conditions | Approved without conditions |
| Large merger | AMDEC Investments (Pty) Ltd and Westbrook Residential Development (Pty) Ltd | Approve without conditions | Approved without conditions |
| Large merger | Synchronized Logistical Solutions (Pty) Ltd T/A Insync Solutions And QPLAS (Pty) Ltd | Approve without conditions | Approved without conditions |
Tribunal approves Stanlib Infrastructure Yield Fund, AFRGI Grain Silo Company merger
The Tribunal has approved, without conditions, the proposed merger whereby Stanlib Infrastructure Yield Fund (Stanlib IYF), represented by its partner Stanlib Infrastructure GP 2 (Stanlib GP 2), will acquire negative control over AFRGI Grain Silo Company (Pty) Ltd (“AGS”) from AFGRI Group Holdings (Pty) Ltd (“AGH”).
Stanlib IYF is a private equity investment fund established to acquire long-term operational infrastructure assets that would provide a blend of cash yield and capital growth over the long-term.
AGS is a grain management business comprised of grain silo and bunker storage facilities owned by AFGRI Operations (Pty) Ltd. AGS is not controlled by any single shareholder and does not control any firms.
The Commission, in its assessment of the transaction, was of the view that the transaction is unlikely to substantially prevent or lessen competition in any market. In addition, it concluded that there are no public interest concerns.
Volvo Financial Services Southern Africa acquires
Volvo Vehicle Finance Debtors Book owned by Wesbank
The Tribunal has unconditionally approved the proposed transaction whereby Volvo Financial Services Southern Africa (VFS) intends to acquire Volvo Vehicle Finance Debtors Book owned by Wesbank, a division of FirstRand Bank Limited (Target Business).
VFS is controlled by Volvo Group Southern Africa (Pty) Ltd (Volvo Group SA). It provides financial services to customers who buy Volvo Group SA products. VFS also provides equipment financing which encompasses construction, mining equipment and fleets of trucks used for commercial purposes.
The Target Business is a Debtors Book controlled and owned by Wesbank. It includes information on entities and individuals that are currently financed by Wesbank in relation to Volvo equipment/brand within the mining, construction, logistics, marine and industrial sectors. The Debtors Book excludes finance for passenger motor vehicles for personal use.
The Commission found that the transaction is unlikely to lead to any substantial prevention or lessening of competition within the national market for the provision of equipment financing due to low market share accretion. In addition, it found that the transaction will not result in any job losses and that there are no other public interest concerns.
Unitrans Automotive acquires Cedar Isle Auto
Unitrans Automotive (Pty) Ltd (“Unitrans”) will acquire Cedar Isle Auto (Pty) Ltd (“Cedar Isle Auto”), after the Tribunal approved the proposed transaction without conditions.
Unitrans is a large automotive dealer network in SA. Its main product and services offerings include the sale of new vehicles, used and pre-owned vehicles, parts and accessories and after-market services. Unitrans dealerships also assist customers with acquiring credit, insurance products, fleet management services and car rentals.
Cedar Isle Auto operates a BMW dealership in Fourways, Gauteng. Its products and services offering includes the sale of new and pre-owned vehicles, parts and accessories, and after-market service. It also offers customers access to financial services related to the purchase of new and pre-owned vehicles. Cedar Isle Auto only sells passenger vehicles.
In relation to public interest concerns, the Commission was of the view that the proposed transaction is unlikely to negatively impact employment, BEE shareholding and the participation by HDI in the automotive value chain.
The Commission was also of the view that the transaction is unlikely to result in any competition concerns. It therefore recommended approval without conditions.
Amdec Investments acquires remaining Westbrook Residential Development shares
In this transaction, the Tribunal has approved the acquisition of the remaining shares in the Westbrook Residential Development (Pty) Ltd (“Westbrook”) by Amdec Investments (Pty) Ltd (“Amdec”). The transaction has been approved without conditions.
The Acquiring Group is involved in property development and real estate brands comprising mixed-used precincts, inclusionary housing, retirement villages, secure lifestyle and residential estates. Amdec already owns shares in Westbrook and seeks to acquire the remaining shares held by Absa Bank Limited (“Absa Bank”). Upon implement of the proposed transaction, Amdec will wholly own and control Westbrook.
Westbrook owns and holds immovable property and letting enterprises for investment purposes. Westbrook only has interest in plots located in Parons Vlei, Port Elizabeth, Eastern Cape (“Westbrook Property”).
Westbrook Property is established in an already developed residential space and a residential development that is currently under construction. Post-merger, Westbrook Property will comprise residential estates, a single Curro school and an Evergreen lifestyle branded retirement village. The remaining land parcel will be developed into office and retail property.
Synchronized Logistical Solutions acquires shareholding in QPlas
The Tribunal has approved the transaction whereby Synchronized Logistical Solutions (Pty) Ltd T/A Insync Solutions (“InSync Solutions”) will acquire shareholding in QPlas (Pty) Ltd (“QPlas”), a firm involved in the manufacturing of plastic automotive parts such as exterior mirrors.
The Commission considered the activities of the merging parties and found that the proposed transaction does not result in any horizontal overlaps between the Acquiring Group and the target firm as none of the firms in (or controlled by) the Acquiring Group are active in the manufacturing of plastic automotive parts.
In its assessment, the Commission found that the transaction is unlikely to substantially prevent or lessen competition. It was also of the view that no public interest concerns arise as a result of the transaction.
Issued by:
Gillian de Gouveia
Communications Officer
Tel: +27 (0) 12 394 1383
Cell: +27 (0) 82 410 1195
E-Mail: GillianD@comptrib.co.za
Twitter: @comptrib
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