Tribunal approves large merger in market for bunker fuel
supply and trading
The Tribunal has approved the transaction whereby Mercuria Energy Group Limited (“Mercuria”) seeks to acquire Aegean Marine Petroleum Network Inc. (“Aegean”).
Mercuria is incorporated in accordance with the laws of Cyprus. In South Africa, the company is active through Minerva Bunkers in the trading or brokering of bunker fuel. Minerva Bunkers is not a physical supplier of fuel locally.
Aegean is registered in the Republic of the Marshall Islands. It physically supplies bunker fuel and provides logistics services. The company uses the services of bunkering tankers and floating storage owned by non-South African Aegean affiliates to deliver bunker fuel in South Africa to end-user customers.
In its analysis of the proposed transaction, the Commission earlier found that the merger is unlikely to substantially prevent or lessen competition in any market. In addition, it found that the merger is unlikely to result in any job losses or retrenchments.