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)

Parties

Procedural Posture

Merger Application / Final Determination

Legal Issues

1. 1 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.
2. 2 Whether the merger raises any competition concerns or public interest issues warranting prohibition or conditions.

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.

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).