Emira Property Fund Limited v Emira Property Fund and Another (LM236Mar15/021089) [2015] ZACT 40 (29 April 2015)
The Tribunal found that the proposed merger between Emira Property Fund Limited, Emira Property Fund, and Strategic Real Estate Managers Proprietary Limited does not raise any competition concerns and is consistent with the requirements of the Competition Act. The Competition Commission recommended approval, and...
Source-derived case information.
- Citation
- [2015] ZACT 40
- Parties
- Applicant: Emira Property Fund Limited, previously Friedshelf 1556 Proprietary Limited; Respondent: Emira Property Fund; Respondent: Strategic Real Estate Managers Proprietary Limited
- Court
- Competition Tribunal
- Jurisdiction
- South Africa
- Case Number
- LM236Mar15/021089
- Procedural Posture
- Merger Application / Order
- Outcome
- Merger approved; Merger Clearance Certificate to be issued.
- Judges
- A Roskam, I Valodia, A Ndoni
- Legal Topics
- Merger Clearance, Competition Act Section 16, Merger Notification, Merger Approval
Source-derived case record
Summary, issues, holding and outcome
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Parties
Emira Property Fund Limited, previously Friedshelf 1556 Proprietary Limited
Applicant
Emira Property Fund
Respondent
Strategic Real Estate Managers Proprietary Limited
Respondent
Procedural Posture
Merger Application / Order
Legal Issues
- 1 Whether the proposed merger between Emira Property Fund Limited, Emira Property Fund, and Strategic Real Estate Managers Proprietary Limited should be approved under the Competition Act.
- 2 Whether the merger raises any competition concerns under section 16(2)(a) of the Competition Act.
Ratio Decidendi
The Tribunal found that the proposed merger between Emira Property Fund Limited, Emira Property Fund, and Strategic Real Estate Managers Proprietary Limited does not raise any competition concerns and is consistent with the requirements of the Competition Act. The Competition Commission recommended approval, and there were no objections or evidence of adverse effects on competition or public interest. Accordingly, the Tribunal approved the merger in terms of section 16(2)(a) and ordered the issuance of a Merger Clearance Certificate.
Court Disposition
Merger approved; Merger Clearance Certificate to be issued.
Orders
- The merger between Emira Property Fund Limited, previously Friedshelf 1556 Proprietary Limited, Emira Property Fund, and Strategic Real Estate Managers Proprietary Limited 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).
Full Case Text
Judgment text and source record
23 paragraphs
COMPETITION TRIBUNAL OF SOUTH AFRICA
Case No.: LM236Mar15/021089
In the matter between:
Emira Property Fund Limited, previously
Friedshelf 1556 Proprietary Limited...........................................................................Primary Acquiring Firm
And
Emira Property Fund.......................................................................................................Primary Target Firms
and
Strategic Real Estate Managers Proprietary Limited
Panel: A Roskam (Presiding Member)
I Valodia (Tribunal Member)
A Ndoni (Tribunal Member)
Heard on: 29 April 2015
Decided on: 29 April 2015
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 Emira Property Fund Limited, previously Friedshelf 1556 Proprietary Limited and Emira Property Fund and Strategic Real Estate Managers Proprietary Limited be approved in terms of section 16(2)(a); and
2. a Merger Clearance Certificate be issued in terms of Competition Tribunal rule 35(5)(a).
29 April 2015
Date
Presiding Member
Mr A Roskam
Concurring: Prof. I Vaiodia and Ms A Ndoni