The Tribunal has unconditionally approved the large merger whereby Trafigura PTE Ltd (“Trafigura”) will acquire Puma Energy Holdings PTE Ltd (“Puma Energy”). Trafigura is an existing shareholder of Puma Energy. Post-merger, Trafigura will own and control Puma Energy.
 
Trafigura is a private company incorporated in accordance with the company laws of Singapore. It is an international commodity trader with global business operations in more than 20 countries. Trafigura’s core business is the supply and transportation of oil, petroleum, mineral and metal commodities. In South Africa, its trading activities relate to oil and petroleum, metals and mineral products.
 
Puma Energy is also a Singaporean firm with several subsidiaries in Europe, the USA and Africa, among other jurisdictions. Puma Energy is a global integrated energy company primarily active in the retail, wholesale and distribution of refined petroleum products. In South Africa, its activities include the distribution of refined petroleum products including petrol, diesel, kerosene and aviation fuel.
 
After assessing the proposed transaction, the Tribunal concluded that the merger is unlikely to substantially lessen or prevent competition in any relevant market in South Africa. There is no horizontal overlap between the business activities of Trafigura and Puma Energy in South Africa and in the vertically affected markets the merger parties’ markets shares are relatively low. In addition, the merger does not raise any public interest concerns. The Tribunal has therefore approved the transaction without conditions.