Competition Commission welcomes merger filing fees increase, new merger threshold determination
The Competition Commission on Monday lauded the planned increase in merger filing fees for intermediate and large mergers, as well as the new determination of merger thresholds, both effective October 1.
This followed Economic Development Minister Ebrahim Patel’s gazetting of the amendments to the commission’s rules and the determination of merger thresholds on September 17.
The merger filing fees have been increased from R100 000 to R150 000 for an intermediate merger and from R350 000 to R500 000 for a large merger.
“The merger filing fees were last revised in 2009 and, as a result of inflation, the real value of the filing fees have been significantly eroded since the last revision,” the commission said in a statement on Monday.
Meanwhile, the lower threshold for intermediate mergers has been increased from R560-million to R600-million for the combined turnover or asset value and from R80-million to R100-million for the turnover or asset value of the target firm.
The threshold for large mergers remains unchanged.
In addition, Patel published for comment the proposed amendments to the method of calculation used for the purposes of calculating the asset value or turnover of a firm for purposes of a merger notification.
The amendments seek to clarify the valuation of assets and the calculation of turnover of firms, replace the reference to the generally acceptable accounting principles, which is no longer in use, with reference to the International Financial Reporting Standards, and replace the repealed Companies Act, No 61 of 1973 with the current Companies Act, No 71 of 2008.
Interested parties have 30 days from the date of publication to provide their input.
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