ApexHi Properties Ltd and Sasol Pension Fund (89/LM/Sep05) [2005] ZACT 85 (28 November 2005)

ApexHi Properties Ltd and Sasol Pension Fund (89/LM/Sep05) [2005] ZACT 85 (28 November 2005)

The Tribunal found that the relevant market is Grade A Offices in the Ferndale Node, Gauteng. ApexHi's market share would increase from 2.4% to 7.2% post-merger, which is considered low. The Competition Commission found no competition concerns, and the Tribunal agreed, concluding that the merger would not substantially lessen or prevent competition. No public interest issues were identified. Accordingly, the merger was approved.

Citation
[2005] ZACT 85
Parties
Applicant: ApexHi Properties Ltd; Respondent: Sasol Pension Fund
Court
Competition Tribunal
Jurisdiction
South Africa
Judgment Date
28 November 2005
Case Number
89/LM/Sep05
Procedural Posture
Large Merger / Merger Approval
Outcome
Merger approved without conditions.
Judges
N Manoim, D Lewis, Y Carrim
Legal Topics
Large Merger Review, Market Definition, Public Interest, Office Property Market
Competition Law Commercial and Corporate Large Merger Review Market Definition Public Interest Office Property Market

Case Brief

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Parties

ApexHi Properties Ltd

Applicant

Sasol Pension Fund

Respondent

Procedural Posture

Large Merger / Merger Approval

Legal Issues

  1. 1 Whether the acquisition of Surrey Place by ApexHi Properties Ltd from Sasol Pension Fund substantially lessens or prevents competition in the relevant market.
  2. 2 Whether any public interest concerns arise from the merger.

Ratio Decidendi

The Tribunal found that the relevant market is Grade A Offices in the Ferndale Node, Gauteng. ApexHi's market share would increase from 2.4% to 7.2% post-merger, which is considered low. The Competition Commission found no competition concerns, and the Tribunal agreed, concluding that the merger would not substantially lessen or prevent competition. No public interest issues were identified. Accordingly, the merger was approved.

Court Disposition

Merger approved without conditions.

Orders

  • The large merger between ApexHi Properties Ltd and Sasol Pension Fund is approved.
  • No conditions are attached to the approval.