IAM Newco and Investec Asset Management Holdings (Pty) Ltd and Investec Asset Management Ltd
The merger, approved by the Tribunal without conditions, entails a re-organisation of the Asset Management Businesses of Investec in terms of which IAM SA and IAM UK will ultimately be controlled by IAM NewCo.
In its earlier assessment, the Commission concluded that the proposed transaction would not substantially prevent or lessen competition in any market. It also found that the proposed transaction does not raise any public interest concerns.
BSA International S.A. And The Infant Nutrition Business of Aspen Pharmacare Holdings Limited
The Tribunal has approved, with conditions, the merger whereby BSA International S.A. (BSA International), a Belgian company, seeks to acquire The Infant Nutrition Business of Aspen Pharmacare Holdings Ltd (the Target Business).
BSA International controls the businesses of the Lactalis Group, which ultimately controls Parmalat South Africa (Pty) Ltd. The Lactalis Group, through its ownership of Parmalat, is relevant for purposes of this transaction. Parmalat’s Growth Milk is relevant and is used to complement the solid food diet of children older than one year.
The Target Business is a division of Pharmacare Ltd, which is a wholly-owned subsidiary of Aspen. The activities of the Target Business involve the manufacturing of infant milk formula. It also supplies Ready to Feed products.
Conditions were imposed upon the merging parties in a large merger between Nestlé SA and The Infant Nutrition Business of Pfizer Inc. Later, Aspen Pharmacare Holdings Ltd purchased the divested business (infant nutrition business) and undertook to abide by the same conditions. BSA International have also had the conditions imposed upon them by the Tribunal as a successor-in-title to Aspen Pharmacare Holdings Ltd.
The conditions include, among others, that Nestlé will not license to any third party, the divested brands for use in South Africa for a period of 20 years (since the initial merger). As part of the conditions, Nestlé had also undertaken not to re-introduce any of the divested brands in South Africa for the duration of the 20-year period.