The Competition Tribunal (“Tribunal”) has conditionally approved the proposed merger whereby Luvon Investments (Pty) Ltd (“Luvon”) intends to acquire sole control of the immovable retail property (and the letting enterprise carried out thereon) known as Makro Carnival (“target property”).
 
The acquiring group (Luvon, all the firms controlling it and all the firms controlled by those firms) is a family-owned business. It has numerous properties in its property portfolio including industrial, office, retail and residential property throughout South Africa. Its retail property activities in Gauteng are of relevance to the proposed merger.
 
The target property is a retail property known as Makro Carnival, situated in Brakpan, in Gauteng.
 
The transaction does not raise any competition concerns.
 
In respect of public interest considerations, the conditions imposed by the Tribunal require the acquiring group to conduct renovations and/or other improvements, worth a specified minimum value, at a primary school and at the offices of the Matsamo Traditional Council, both situated in Mpumalanga. The exact nature of the renovations will be determined through a needs assessment to be conducted by a quantity surveyor within a specified period. In addition, the renovations must be carried out within a specified period.