Merger Alert Date of release: 14 November 2023
The following Merger Alert is for information purposes only and is not binding on the Competition Tribunal or any member of the Tribunal
OUTCOME OF MERGERS DECIDED BY THE TRIBUNAL Type of matter Parties involved Tribunal decision Large merger Hatfield Holdings (Pty) Ltd; Hatfield Property Holdings (Pty) Ltd And the business of the Audi Centre, Somerset West Dealership and the property on which the Audi Centre operates Approved without conditions Large merger Attacq Waterfall Investment Company (Pty) Ltd And Pocket 3 and Pocket 24 on Portion 1 of the Waterfall Farm 5 Approved without conditions Large merger Pharmacare Ltd t/a Aspen Pharmacare And the promotion, sales and distribution rights of certain pharmaceutical products sold in South Africa by Eli Lilly SA (Pty) Ltd Approved without conditions Large merger Government Employees Pension Fund (GEPF) duly represented by the Public Investment Corporation SOC Ltd (PIC) And Shenge Property Group (Pty) Ltd Approved without conditions
Hatfield Holdings (Pty) Ltd; Hatfield Property Holdings (Pty) Ltd And the business of the Audi Centre, Somerset West Dealership and the property on which the Audi Centre operates
The Competition Tribunal (“Tribunal”) has unconditionally approved the proposed
merger whereby Hatfield Holdings (Pty) Ltd intends to acquire the business of
the Audi Centre, Somerset West Dealership (“target dealership”). As part of the
proposed merger, Hatfield Property Holdings (Pty) Ltd will also acquire the
property on which the target dealership operates (“target property”).
The Hatfield Group owns and operates branded motor dealerships which
primarily sell passenger vehicles and light and medium commercial vehicles.
Through its dealerships, the Hatfield Group also sells used vehicles, after-sales
services, parts, accessories, top up maintenance plans as well as finance and
insurance support services. The target dealership is an Audi motor vehicle
dealership, repair centre and service centre located in the Western Cape. The
target property is the premises from which the target dealership operates.
Attacq Waterfall Investment Company (Pty) Ltd And
Pocket 3 and Pocket 24 on Portion 1 of the Waterfall Farm 5
The Tribunal has unconditionally approved the proposed merger whereby Attacq
Waterfall Investment Company (Pty) Ltd (“AWIC”) intends to increase its share
in the development rights in respect of two land parcels known as Pocket 3 and
Pocket 24 on portion 1 of the Waterfall Farm 5 (“development rights”).
AWIC is wholly owned and controlled by Attacq Limited (“Attacq”). It holds and
controls various real estate portfolios and development and leasehold rights in
Waterfall City. Attacq operates as a Real Estate Investment Trust and is listed
on the Johannesburg Stock Exchange Limited. The acquiring group invests in,
manages and develops a portfolio of real estate assets.
The primary target firm comprises a share in the development rights. These
comprise a mandate to construct and develop rentable light industrial space on
Waterfall Farm as well as the right, title and interest to the infrastructure on the
land following such construction and development.
land following such construction and development.
Pharmacare Ltd t/a Aspen Pharmacare And the promotion, sales and
distribution rights of certain pharmaceutical products sold in South Africa
by Eli Lilly SA (Pty) Ltd
The Tribunal has unconditionally approved the proposed merger wherein
Pharmacare Limited t/a Aspen Pharmacare (“Aspen Pharmacare”) intends to
acquire the promotion, sales and distribution rights relating to various
pharmaceutical products supplied in South Africa by Eli Lilly SA (Pty) Ltd (“Lilly
SA”) (the “Lilly Portfolio”).
The acquiring group is a global specialty and branded multinational
pharmaceutical company which focuses on manufacturing, marketing and
distributing a broad range of post-patent (i.e. generic) branded medicines and
domestic brands covering both hospital and consumer markets. The Lilly
Portfolio comprises the promotion, sales, and distribution rights relating to
various pharmaceutical products.
Government Employees Pension Fund (GEPF) duly represented by the
Public Investment Corporation SOC Ltd (PIC) And Shenge Property Group
(Pty) Ltd
The Tribunal has unconditionally approved the merger wherein the Government
Employees Pension Fund (“GEPF”) intends to acquire a controlling interest in
Shenge Property Group (Pty) Ltd (“Shenge”) from Nthoese Investments (Pty) Ltd
(“Nthoese Investments”).
The GEPF’s core business is to manage and administer pensions and other
benefits for government employees in South Africa. The Public Investment
Corporation SOC Limited (“PIC”), on behalf of the GEPF, invests in assets
including equities, property and fixed income, which the PIC has been appointed
to manage.
Shenge is a newly incorporated property investment and development company
that was created for the purposes of this transaction. It is ultimately controlled by
Nthoese Development (Pty) Ltd (“Nthoese”). Nthoese Investments is a subsidiary
of Nthoese, whose activities include a property development, investment and
management company. Post-merger, Shenge will operate as a joint venture
between Nthoese and the GEPF which will be used jointly to invest in a target
portfolio comprising income generating rentable retail and office properties,
portfolio comprising income generating rentable retail and office properties,
properties for redevelopment and land parcels for development.
Issued by:
Gillian de Gouveia, Communications Manager
On behalf of the Competition Tribunal of South Africa
Tel: +27 (0) 12 394 1383
Cell: +27 (0) 82 410 1195
E-Mail: GillianD@comptrib.co.za
Twitter: @comptrib