Corvest 13 (Pty) Ltd v Wrapsa Investment Holdings (Pty) Ltd (LM049Jun22) [2022] ZACT 25 (21 July 2022)
- Citation
- [2022] ZACT 25
- Status
- Order
- Jurisdiction
- South Africa
- Court
- Competition Tribunal
- Panel
- L Mncube, Y Carrim, T Vilakazi
- Case number
- LM049Jun22
More details
- Court
- Competition Tribunal
- Panel
- L Mncube, Y Carrim, T Vilakazi
- Case number
- LM049Jun22
On this page
Professional case brief
Research organized from the available case record
01
Holding and result
The Competition Tribunal approved the merger between Corvest 13 (Pty) Ltd and Wrapsa Investment Holdings (Pty) Ltd after considering the recommendation of the Competition Commission and reviewing all relevant information. The Tribunal found that the merger did not raise competition concerns and that no conditions were necessary for approval. The approval is granted in terms of section 16(2)(a) of the Competition Act, and a Merger Clearance Certificate is issued. The Tribunal retains the authority to revoke the approval under section 16(3) should any grounds for revocation arise.
Court disposition
Merger approved without conditions.
Orders
- The merger between Corvest 13 (Pty) Ltd and Wrapsa Investment Holdings (Pty) Ltd 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
Corvest 13 (Pty) Ltd
ApplicantWrapsa Investment Holdings (Pty) Ltd
Respondent03
Procedural history
Posture
Merger Approval / Final Determination
04
Questions and positions
Legal issues
- 01
Whether the proposed merger between Corvest 13 (Pty) Ltd and Wrapsa Investment Holdings (Pty) Ltd should be approved under section 16(2)(a) of the Competition Act.
- 02
Whether any conditions should be attached to the approval of the merger.
Party arguments
- Applicant
- The applicant sought approval for the merger in accordance with Chapter 3 of the Competition Act, submitting all required information and complying with procedural requirements.
- Respondent
- The respondent did not oppose the merger and complied with all regulatory requirements for merger notification and review.
05
Court’s reasoning
Legal principles
- 01
Competition Act 89 of 1998, section 16(2)
A merger may be approved by the Competition Tribunal if it does not substantially prevent or lessen competition, or if any adverse effects can be remedied by conditions.
- 02
Competition Act 89 of 1998, section 16(3)
The Tribunal may revoke merger approval if it was granted on the basis of incorrect information, deceit, or breach of obligations attached to the approval.
06
Ratio, limits and disposition
Ratio decidendi
The Competition Tribunal approved the merger between Corvest 13 (Pty) Ltd and Wrapsa Investment Holdings (Pty) Ltd after considering the recommendation of the Competition Commission and reviewing all relevant information. The Tribunal found that the merger did not raise competition concerns and that no conditions were necessary for approval. The approval is granted in terms of section 16(2)(a) of the Competition Act, and a Merger Clearance Certificate is issued. The Tribunal retains the authority to revoke the approval under section 16(3) should any grounds for revocation arise.
Obiter and limits
- The Tribunal notes that the approval is subject to revocation if obtained by deceit or based on incorrect information.
- No conditions are attached to this merger approval.
Court disposition
Merger approved without conditions.
- The merger between Corvest 13 (Pty) Ltd and Wrapsa Investment Holdings (Pty) Ltd 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 OF SOUTH AFRICA
Case No.: LM049Jun22
In the matter between:
Corvest 13 (Pty) Ltd Primary
Acquiring Firm
And
Wrapsa Investment Holdings (Pty) Ltd Primary Target Firm
Panel: L Mncube (Presiding Member)
Y Carrim (Tribunal Member)
T Vilakazi (Tribunal Member)
Heard on:
21 July 2022
Decided on:
21 July 2022
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: 2022-07-21 11:02:24 +02:00
Reason: Witnessing Liberty Mncube
Date:
21 July 2022
Presiding Member Prof. Liberty Mncube
Concurring: Ms Yasmin Carrim and Dr. Thando Vilakazi
Merger Clearance Certificate
Date : 21 July 2022
To : Cliffe Dekker Attorneys
Case Number: LM049Jun22
Corvest 13 (Pty) Ltd And Wrapsa Investment Holdings (Pty) Ltd
You applied to the Competition Commission on 24 May 2022 for merger approval in accordance with Chapter 3 of the Competition Act.
After reviewing all relevant information, and the recommendation or decision of the Competition Commission, the Competition Tribunal
approves the merger in terms of section 16(2) of the Act, for the reasons set out in the Reasons for Decision.
This approval is subject to: no conditions. the conditions listed on the attached sheet.
The Competition Tribunal has the authority in terms of section 16(3) of the Competition Act to revoke this approval if
a) it was granted on the basis of incorrect information for which a party to the merger was responsible.
b) the approval was obtained by deceit.
c) a firm concerned has breached an obligation attached to this
approval.
The Registrar, Competition Tribunal
This form is prescribed by the Minister of Trade and Industry in terms of section 27 (2) of the Competition Act 1998 (Act No. 89 of 1998).
Case-aware research
Ask AI about this case
The judgment and available research above are public. New questions open in a separate private conversation grounded in this case.