Competition body okays mergers

South Africa's Competition Tribunal has unconditionally approved five separate merger transactions, including those involving Old Mutual (OML) and De Beers Consolidated Mines (DBCM), the body announces.
 
The approved mergers include the following: Old Mutual Life Assurance Company (SA)  (OMLACSA) and AFHCO Holdings; Zelpy 4547 and Chemical Specialties; Ponahalo Investments and DBCM; Lexshell 668 Investments and Graspan Colliery; and Pangbourne Property and Transnet Retirement Funds Property.
 
In terms of the Old Mutual transaction, OMLACSA will acquire 50% of the entire issued share capital of AFHCO, a property development and investment
company.
 
The Zelpy deal will see Zelpy 4547 acquire the business of Chemical Specialties and DIY City as a going concern, including share and claims that Chemical Specialties has in offshore companies, as well as the properties used by the Chemical Specialties and DIY City.
 
Ponahalo Investments, meanwhile, will acquire 26% shareholding interest in DBCM facilities, which will give Ponahalo the recognition as a fully independent broad-based BEE entity.
 
In the Lexshell merger, Lexshell will acquire 100% of the issued shares in and claims on the loan account against Graspan.  Both parties are involved in coal mining.
 
Finally, Pangbourne will acquire 48 properties comprising industrial, commercial and retail properties from Transnet and dispose of a portion to Siyathenga Property Fund as one indivisible transaction.
 
I-Net Bridge 

Source: eProp - www.eprop.co.za

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