Commission recommends tribunal approve Afrimat's proposed buyout of Lafarge but with conditions
The Competition Commission has recommended that the Competition Tribunal approve the proposed transaction whereby Afrimat intends to acquire Lafarge, with conditions.
The commission found that the merger results in horizontal overlaps as regards general aggregates and ready-mix concrete and that the merger is likely to result in a substantial lessening and prevention of competition as regards the supply of general aggregates in various regions of South Africa.
Similarly, the commission found that the merger will likely result in a substantial lessening and prevention of competition in the supply of ready-mix concrete.
To restore the lost competition that would otherwise arise from the merger and, in order to ensure that the merger is justifiable on public interest grounds, the commission has recommended that the tribunal approve the merger subject to the merging parties divesting of various general aggregates quarries and ready-mix concrete plants across South Africa.
The merging parties have agreed to these recommendations.
Further, to address public interest concerns, the commission has recommended that the merger be approved subject to a moratorium on merger-related retrenchments and other measures to protect employment. The parties have also agreed to these conditions.
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