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OUTCOME OF CASES HEARD BY THE TRIBUNAL ON 16 JANUARY 2019
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| Type of matter |
Parties involved |
Competition Commissions Recommendation to Tribunal |
Tribunal Decision |
| Large merger |
Karan Beef Holdings (Pty) Ltd and Karan Beef (Pty) Ltd and The Karan Beef Feedlot |
Approve with conditions |
Approved with conditions |
| Large merger |
Unemployment Insurance Fund, Duly Represented by The Public Investment Corporation SOC Limited (PIC) And LA Crushers (Pty) Ltd |
Approve without conditions |
Approved without conditions |
| Large merger |
Agile Capital Holdings (Pty) Ltd and Provest Group (Pty) Ltd |
Approve without conditions |
Approved without conditions |
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Karan Beef Holdings merger with Karan Beef and Karan Beef Feedlot approved with conditions
In this proposed transaction, Karan Beef Holdings (Pty) Ltd seeks to acquire Karan Beef (Pty) Ltd and The Karan Beef Feedlot. Karan Beef Holdings is a newly incorporated special purpose entity, established for the proposed transaction. Karan Beef is involved in cattle slaughtering, deboning, packaging and selling beef carcasses and cuts. Karan Beef Feedlot purchases calves from breeders and feeds them a special feed until maturity.
The Competition Commission, which assesses large mergers before referring them to the Tribunal for a decision, evaluated the proposed merger and recommended that the merger should be approved with conditions aimed at providing a means for historically disadvantaged persons to participate in commercial farming activities.
The merger has been approved with conditions (a redacted, non-confidential version of the order will be made available upon media request).
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Merger approved: PIC to provide LA Crushers with loan funding in return for issued share capital
This is a financial transaction whereby the Public Investment Corporation (PIC), on behalf of the Unemployment Insurance Fund (UIF), will provide LA Crushers with loan funding in return for issued share capital in LA Crushers, a load and haul materials handling service provider.
Post-merger, the PIC will control LA Crushers in its capacity as an agent of the Government Employment Pension Fund, UIF and Compensation Fund.
The Commission evaluated the proposed merger and concluded that it is unlikely to prevent or lessen competition in any market.
The Tribunal has approved the merger without conditions.
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Agile Capital Holdings to increase shareholding in Provest Group following merger approval
The Tribunal has heard Agile Capital Holdings’ bid to increase its shareholding in Provest Group.
Agile is an investment holding company and through its subsidiaries (Zico Capital and Zico Capital 2) it invests in several diverse sectors in the South African market.
Provest provides services to the mining sector through four core divisions namely (i) cement and aggregate products, (ii) general mining activities, (iii) underground and surface support and (iv) innovative technology solutions.
In its assessment, the Commission concluded that the proposed transaction is unlikely to substantially prevent or lessen competition in any market. It also found that the proposed transaction does not raise any public interest concerns. The Commission recommended that the merger be approved without conditions.
The Tribunal has approved the merger without conditions.
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Gillian de Gouveia
Communications Officer
Tel: (0) 12 394 1383
Cell: +27 (0) 82 410 1195
E-Mail: GillianD@comptrib.co.za
Twitter: @comptrib |
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