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South Africa Competition Commission : Statement on the decisions of the Competition Commission

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06/07/2017 | 12:40pm CET

Weekly Media Statement For immediate release

7 June 2017

LATEST DECISIONS BY THE COMPETITION COMMISSION
  1. Key decisions on Mergers and Acquisitions

    1. Tahoe Canada Bidco Inc v DH Corporation

      The Commission has approved, without conditions, the proposed intermediate merger whereby Tahoe Canada Bidco Inc (Bidco) intends to acquire DH Corporation (DH).

      Bidco, a UK company, has been formed for the purposes of the proposed transaction. Bidco is controlled by Misys Limited, a UK private company, which is controlled by funds managed by Vista Equity Partners LLC. Bidco does not control any firms. Misys is, among others, a provider of software and related services to the financial services industry.

      DH is a public company listed on the Toronto Stock Exchange and is not controlled by any firm. DH controls in excess of 40 firms. It develops and licences proprietary software to banks, speciality lenders, governments and corporations globally as well as in South Africa.

      The Commission found that the proposed transaction is unlikely to substantially prevent or lessen competition in the provision of core banking software solutions in South Africa. In addition, the proposed transaction does not raise any public interest concerns.

    2. Coal of Africa Ltd v Pan-African Resources Coal Holdings (Pty) Ltd

      The Commission has approved, without conditions, the proposed intermediate merger whereby Coal of Africa Limited (CoAL) intends to acquire Pan-African Resources Coal Holdings (Pty) Ltd (PAR Coal).

      CoAL, an Australian company, is listed on the Australia Stock Exchange, the AIM Market of the London Stock Exchange and the JSE. CoAL is involved in coal exploration, development and mining within South Africa. Its projects include future mining and the supply of coking and thermal coal.

      PAR Coal is a South African company. It is controlled by Pan African Resources Plc, a company incorporated in the United Kingdom. PAR Coal is an investment vehicle to acquire coal operations.

      The Commission found that the proposed transaction is unlikely to substantially prevent or lessen competition. In addition, the proposed transaction does not raise any public interest concerns.

      competition regulation for a growing and inclusive economy.

    3. Wescoal Holdings Ltd v Keaton Energy Holdings Ltd

      The Commission has approved, without conditions, the proposed intermediate merger whereby Wescoal Holdings Limited (Wescoal) intends to acquire Keaton Energy Holdings (Pty) Limited (Keaton Energy).

      Wescoal is a public company which controls several collieries and coal washing plants. It owns several coal depots through which it supplies customers across the country. Wescoal is an investment and management company with operating subsidiaries engaged in the exploration, mining, processing, supply, sales and distribution of coal and coal-related products.

      Keaton Energy is a coal mining and development company which mines and supplies coal for power generation and for the export market. It controls several mining collieries.

      The Commission found that the proposed transaction is unlikely to substantially prevent or lessen competition. In addition, the proposed transaction does not raise any public interest concerns.

    4. Novus Holdings Ltd v ITB Manufacturing (Pty) Ltd

      The Commission has recommended to the Tribunal that the proposed large merger be approved, without conditions, whereby Novus Holdings Ltd (Novus) intends to acquire ITB Manufacturing (Pty) Ltd (ITB).

      Novus is controlled by Media24 (Pty) Ltd, a wholly-owned subsidiary of Naspers Limited. It is a commercial printing business comprising specialised printing plants and a tissue plant in South Africa. Media24 conducts the print media publication business of the Naspers Group. The operational printing business of the Naspers Group is indirectly held by Media24 through its shareholding in Novus.

      ITB is a private company controlled by various family Trusts. ITB manufactures and supplies flexible packaging solutions to intermediate and end users. Its trading subsidiaries are engaged in the production of tamper and non-tamper evident security bags and flexible plastic packaging in South Africa.

      The Commission found that the proposed transaction is unlikely to substantially prevent or lessen competition in any market. In addition, the proposed transaction does not raise any public interest concerns.

    5. Business Venture Investments No 1953 (Pty) Ltd v Afrit Group (Pty) Ltd

      The Commission has recommended to the Tribunal that the proposed large merger be approved, without conditions, whereby Business Venture Investments No 1953 (Pty) Ltd - to be renamed Industrial Services Holdings (InServe) - intends to acquire Afrit Group (Pty) Ltd (Afrit).

      InServe supplies industrial equipment such as lifting equipment, compact construction equipment, industrial cleaning products and equipment, mobile cranes, scaffolding services and liquid fuel dispensing equipment.

      Afrit is involved in the manufacturing and supply of new and second hand trailers as well financing for trailers and rental of trailers.

      The Commission found that the proposed transaction is unlikely to substantially prevent or lessen competition. In addition, the proposed merger does not raise any public interest concerns.

    6. Life Healthcare Group (Pty) Ltd v Newshelf 922 (Pty) Ltd in respect of ERF 140294 Cape Town, known as the Park

      The Commission has approved, without conditions, the proposed intermediate merger whereby Life Healthcare Group Proprietary Limited (LHG) intends to acquire Erf 140294 Cape Town, known as the Park, situated at 80 Alexandra Road, Oude Molen Village, Pinelands.

      LHG's primary business is acute hospital care and comprises a geographical spread of acute care hospitals and same day surgical centres. LHG owns and operates acute facilities in Southern Africa, with a geographic spread across seven provinces in South Africa and one facility in Botswana. LHG's healthcare business is organised into a hospital division and a healthcare service division.

      The target property is considered a Grade A office property and is currently used by LHG to house its regional offices and their Nursing College. It also accommodates therapists associated with its acute rehabilitation and renal units.

      The Commission found that the proposed transaction is unlikely to substantially prevent or lessen competition. In addition, the proposed transaction does not raise any public interest concerns.

    7. Providencia Education (Pty) Ltd v Heron Bridge Estate (Pty) Ltd

      The Commission has approved, without conditions, the proposed intermediate merger whereby Providencia Education (Pty) Ltd (Providencia) intends to acquire HeronBridge Estate (Pty) Ltd (HB Estate).

      Providencia, a new company, will be controlled by Providencia Group and Corvest 4 for purposes of developing a new private education group. Corvest 4 is a private equity investment firm within the FirstRand Group. HB Estate, a private education business, operates a private school and provides ancillary services including aftercare, uniform supply and transport services.

      The Commission found that the proposed transaction is unlikely to substantially prevent or lessen competition. In addition, the proposed transaction does not raise any public interest concerns.

    8. Shenda Investment UK Ltd v Auria Solutions Ltd

      The Commission has approved, without conditions, the proposed intermediate merger whereby Shenda Investment UK Limited (Shenda Investment) intends to acquire Auria Solutions Limited (NewCo). The proposed transaction is an international transaction.

      Shenda Investment is a British company. It is owned by Shanghai Shenda Co Ltd, which is controlled by Shangtex under the supervision of Shanghai State-owned Assets Supervision and Administration Commission. Shangtex and its subsidiaries are the acquiring group. The acquiring group trades textiles and manufactures industrial textiles in China. In South Africa, the business mainly imports and exports mineral and textile products such as fabrics and garments.

      NewCo is a newly established British company owned by the International Automotive Components Group Europe S.a.r.l (Luxembourg) (IAC S.a.r.l). IAC S.a.r.l is controlled by International Automotive Components Group SA (Luxembourg) (IAC SA). Through IAC South Africa and IAC Feltex, IAC SA supplies soft trim and acoustics products locally. IAC SA has manufacturing plants and four technical centres worldwide including in South Africa.

      The Commission found that the proposed transaction is unlikely to substantially lessen or prevent competition in any market. In addition, there are no public interest concerns.

    9. Spear Holdco (Pty) Ltd v Mega Pack Investment (Pty) Ltd in respect of the immovable property and rental enterprise known as Mega Park

      The Commission has approved, without conditions, the proposed intermediate merger whereby Spear Holdco (Pty) Ltd (Spear Holdco) intends to acquire Mega Pack Investment (Pty) Ltd (Mega Park Investment) in respect of the immovable property and rental enterprise known as Mega Park.

      The acquiring group is a diversified property company with immovable and rental enterprises situated mostly in the Western Cape. The properties owned by the acquiring group comprise a mix of residential, industrial, retail, office and hospitality properties, among others. Mega Park is a light industrial property space located in Bellville, in the Western Cape.

      The Commission found that the proposed transaction is unlikely to substantially prevent or lessen competition. In addition, the proposed transaction does not raise any public interest concerns.

    10. Heriot Reit (Pty) Ltd v Moditouch (Pty) Ltd and Crosize (Pty) Ltd

      The Commission has approved, without conditions, the proposed intermediate merger whereby Heriot REIT (Pty) Ltd (Heriot REIT) intends to acquire Moditouch (Pty) Ltd (Moditouch) and Crosize (Pty) Ltd (Crosize).

      Heriot REIT is a newly established entity created for the purpose of the proposed transaction. Heriot REIT is controlled by the Gusi Trust which controls a number of property investment firms.

      Moditouch is a holding company which owns the property letting enterprise known as the Super Group Building. The building comprises Grade A office space in Sandton, Gauteng.

      Crosize is a new property holding company in the process of acquiring the property letting enterprise known as Absa House from Absa Bank Ltd, comprising rentable Grade B office space in Cape Town.

      The proposed transaction involves the restructuring of certain interests and assets under the control of the Gusi Trust Group by consolidating these interests and assets under a single incorporated entity, being Heriot REIT. The restructuring will culminate in Heriot REIT being listed on the JSE.

      The Commission found that the proposed transaction is unlikely to substantially lessen or prevent competition in the market for the provision of rentable space in Grade B office property. In addition, the proposed transaction does not raise any public interest concerns.

    11. Saudi Basic Industries Corporation v Saudi Petrochemical Company
    12. The Commission has approved, without conditions, the proposed intermediate merger whereby Saudi Basic Industries Corporation (SABIC) intends to acquire Saudi Petrochemical Company (SADAF).

      SABIC is a Saudi Arabian public company listed on the Tadawul (a Saudi Arabia-based stock exchange). SABIC is a global petrochemicals company which owns interest in several manufacturing affiliates. In

    South Africa Competition Commission published this content on 07 June 2017 and is solely responsible for the information contained herein.
    Distributed by Public, unedited and unaltered, on 07 June 2017 10:40:26 UTC.

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