The Tribunal has unconditionally approved the large merger between the Government Employees Pension Fund (“the GEPF”) and Menlyn Maine Investment Holdings (Pty) Ltd (“MMIH”).
 
Through this transaction the GEPF, represented by the Public Investment Corporation SOC Limited (“PIC”), acquires sole control over MMIH’s undivided share of Redevelopment Erf 3 and its share of the rental enterprise known as Central Square, Menlyn Maine ("target property") which comprises a retail component, a gymnasium, office space, and retail/business premises.
 
The GEPF is a defined benefit pension fund that manages and administers pensions and other benefits for South African government employees. The PIC, on behalf of the GEPF, invests in various classes of assets including equities, property and fixed income.
 
The Competition Commission (“the Commission”) investigates proposed large mergers before referring such to the Tribunal for a decision. In its assessment, the Commission considered, among others, the extent to which coordinated effects could arise. It concluded that there are sufficient measures in place to alleviate any information sharing concerns that might arise as a result of the merger.
 
In considering the submissions by the Commission and the merger parties, the Tribunal concluded that the merger does not raise any competition or public interest concerns. The transaction has therefore been approved without conditions.