Attacq Waterfall Investment Company (Pty) Ltd v 20% Undivided Share held by ATT MOA 20 (Pty) Ltd in Mall of Africa (LM026May24) [2024] ZACT 25 (25 June 2024)
- Citation
- [2024] ZACT 25
- Status
- Order
- Jurisdiction
- South Africa
- Court
- Competition Tribunal
- Panel
- L Mncube, G Budlender, T Vilakazi
- Case number
- LM026May24
More details
- Court
- Competition Tribunal
- Panel
- L Mncube, G Budlender, T Vilakazi
- Case number
- LM026May24
On this page
Professional case brief
Research organized from the available case record
01
Holding and result
The Tribunal found that the proposed merger does not raise any competition concerns and will not substantially prevent or lessen competition in any relevant market. No public interest issues were identified that would justify prohibiting or imposing conditions on the transaction. The merger therefore meets the requirements for approval under section 16(2)(a) of the Competition Act, and a Merger Clearance Certificate must be issued in accordance with Tribunal Rule 35(5)(a).
Court disposition
Merger approved without conditions.
Orders
- The merger between Attacq Waterfall Investment Company (Pty) Ltd and the 20% undivided share held by ATT MOA 20 (Pty) Ltd in Mall of Africa is approved in terms of section 16(2)(a) of the Competition Act.
- A Merger Clearance Certificate is to be issued in terms of Competition Tribunal Rule 35(5)(a).
02
Material facts
Parties
Attacq Waterfall Investment Company (Pty) Ltd
ApplicantATT MOA 20 (Pty) Ltd
Respondent03
Procedural history
Posture
Merger Application / Final Determination
04
Questions and positions
Legal issues
- 01
Whether the proposed merger between Attacq Waterfall Investment Company (Pty) Ltd and the 20% undivided share held by ATT MOA 20 (Pty) Ltd in Mall of Africa should be approved under the Competition Act.
- 02
Whether the merger raises any competition concerns or public interest issues warranting prohibition or conditions.
Party arguments
- Applicant
- The applicant submitted that the acquisition of the 20% undivided share in Mall of Africa would not substantially prevent or lessen competition in any relevant market. The transaction is unlikely to result in any negative public interest effects and complies with the requirements of the Competition Act.
- Respondent
- The respondent did not oppose the merger and confirmed that the transaction would not adversely affect competition or public interest. The respondent supported the approval of the merger without conditions.
05
Court’s reasoning
Legal principles
- 01
Competition Act, 1998, section 16(2)(a)
A merger may be approved if it is unlikely to substantially prevent or lessen competition, or if any such effect can be justified on public interest grounds.
- 02
Competition Tribunal Rule 35(5)(a)
The Tribunal must issue a Merger Clearance Certificate if the merger is approved without conditions.
06
Ratio, limits and disposition
Ratio decidendi
The Tribunal found that the proposed merger does not raise any competition concerns and will not substantially prevent or lessen competition in any relevant market. No public interest issues were identified that would justify prohibiting or imposing conditions on the transaction. The merger therefore meets the requirements for approval under section 16(2)(a) of the Competition Act, and a Merger Clearance Certificate must be issued in accordance with Tribunal Rule 35(5)(a).
Court disposition
Merger approved without conditions.
- The merger between Attacq Waterfall Investment Company (Pty) Ltd and the 20% undivided share held by ATT MOA 20 (Pty) Ltd in Mall of Africa is approved in terms of section 16(2)(a) of the Competition Act.
- A Merger Clearance Certificate is to be issued in terms of Competition Tribunal Rule 35(5)(a).
Source and reliance status
Competition Tribunal
This page organises the available record for research. Confirm quotations, current status, and subsequent treatment against the official source before relying on the case.
Judgment reading view
Judgment text
The complete available source text.
Competition Tribunal
Order
COMPETITION
TRIBUNAL REPUBLIC OF SOUTH AFRICA
Case No.: LM026May24
In the matter between: Attacq Waterfall Investment Company (Pty) Ltd Primary Acquiring Firm And The 20% undivided share held by ATT MOA 20 (Pty) Ltd in Mall of Africa Primary Target Firm
Panel: L Mncube (Presiding Member)
G Budlender (Tribunal Member)
T Vilakazi (Tribunal Member)
Heard on: 25 June 2024
Decided on: 25 June 2024
ORDER
Further to the recommendation of the Competition Commission in terms of section 14A(1)(b) of the Competition Act, 1998 (“the Act”) the Competition Tribunal orders that–
1.
the merger between the abovementioned parties be approved in terms of section 16(2)(a) of the Act; and
2.
a Merger Clearance Certificate be issued in terms of Competition Tribunal Rule 35(5)(a).
Signed by:Liberty Mncube
Signed at:2024-06-25 18:07:46 +02:00
Reason:Witnessing Liberty Mncube
Presiding Member
25 June 2024
Prof Liberty Mncube
Date
Concurring: Adv Geoff Budlender SC and Prof Thando Vilakazi
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