Acucap Investments (Pty) Ltd v Old Mutual Life Assurance Company (South Africa) Ltd in respect of Bayside Mall (51/LM/Jul09) [2009] ZACT 61 (1 October 2009)

Acucap Investments (Pty) Ltd v Old Mutual Life Assurance Company (South Africa) Ltd in respect of Bayside Mall (51/LM/Jul09) [2009] ZACT 61 (1 October 2009)

The Tribunal found that the relevant market is retail letting in the minor regional mall category in the Milnerton node, Cape Town. The transaction merely changes joint control to sole control by Acucap Investments over Bayside Mall. There is no evidence that this change will substantially prevent or lessen competition in the relevant market. Furthermore, the transaction does not raise any significant public interest concerns. Accordingly, the merger was unconditionally approved.

Citation
[2009] ZACT 61
Parties
Applicant: Acucap Investments (Pty) Ltd; Respondent: Old Mutual Life Assurance Company (South Africa) Ltd in respect of Bayside Mall
Court
Competition Tribunal
Jurisdiction
South Africa
Judgment Date
1 October 2009
Case Number
51/LM/Jul09
Procedural Posture
Merger Application / Decision on Approval
Outcome
Merger unconditionally approved.
Judges
N Manoim, Y Carrim, A Wessels
Legal Topics
Merger Control, Retail Property Market, Change of Control
Competition Law Merger Control Retail Property Market Change of Control

Case Brief

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Parties

Acucap Investments (Pty) Ltd

Applicant

Old Mutual Life Assurance Company (South Africa) Ltd in respect of Bayside Mall

Respondent

Procedural Posture

Merger Application / Decision on Approval

Legal Issues

  1. 1 Whether the acquisition of the undivided half share in Bayside Mall by Acucap Investments will substantially prevent or lessen competition in the relevant market.
  2. 2 Whether the transaction raises any significant public interest concerns.

Ratio Decidendi

The Tribunal found that the relevant market is retail letting in the minor regional mall category in the Milnerton node, Cape Town. The transaction merely changes joint control to sole control by Acucap Investments over Bayside Mall. There is no evidence that this change will substantially prevent or lessen competition in the relevant market. Furthermore, the transaction does not raise any significant public interest concerns. Accordingly, the merger was unconditionally approved.

Court Disposition

Merger unconditionally approved.

Orders

  • The acquisition by Acucap Investments (Pty) Ltd of Old Mutual Life Assurance Company (South Africa) Ltd's undivided half share in Bayside Mall is unconditionally approved.