Government Employees Pension Fund v lsago @N12 Develeopment Proprietary Limited (LM184Sep18) [2019] ZACT 22 (10 January 2019)

Government Employees Pension Fund v lsago @N12 Develeopment Proprietary Limited (LM184Sep18) [2019] ZACT 22 (10 January 2019)

The Tribunal found that although there is an overlap in the activities of the merging parties in the provision of office and residential property, there is no geographical overlap between the properties owned by the GEPF and the Target Properties. The GEPF's properties are located far from the Target Properties, making it unlikely that the parties would constrain each other in any relevant market. The Commission concluded that the transaction is unlikely to substantially prevent or lessen competition. Furthermore, the merging parties confirmed that there would be no adverse effect on employment and no other public interest concerns were raised. Accordingly, the Tribunal approved the...

Citation
[2019] ZACT 22
Parties
Applicant: Government Employees Pension Fund represented by the Public Investment Corporation SOC Limited; Respondent: lsago @N12 Develeopment Proprietary Limited
Court
Competition Tribunal
Jurisdiction
South Africa
Judgment Date
10 January 2019
Case Number
LM184Sep18
Procedural Posture
Merger Control / Approval of Proposed Merger
Outcome
The proposed transaction is approved unconditionally.
Judges
Yasmin Carrim, Mondo Mazwai, Fiona Tregenna
Legal Topics
Merger Control, Public Interest, Market Overlap, Property Development
Competition Law Commercial and Corporate Merger Control Public Interest Market Overlap Property Development

Case Brief

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Parties

Government Employees Pension Fund represented by the Public Investment Corporation SOC Limited

Applicant

lsago @N12 Develeopment Proprietary Limited

Respondent

Procedural Posture

Merger Control / Approval of Proposed Merger

Legal Issues

  1. 1 Whether the proposed transaction will substantially prevent or lessen competition in any relevant market in South Africa.
  2. 2 Whether the proposed transaction raises any public interest concerns, including adverse effects on employment.

Ratio Decidendi

The Tribunal found that although there is an overlap in the activities of the merging parties in the provision of office and residential property, there is no geographical overlap between the properties owned by the GEPF and the Target Properties. The GEPF's properties are located far from the Target Properties, making it unlikely that the parties would constrain each other in any relevant market. The Commission concluded that the transaction is unlikely to substantially prevent or lessen competition. Furthermore, the merging parties confirmed that there would be no adverse effect on employment and no other public interest concerns were raised. Accordingly, the Tribunal approved the...

Court Disposition

The proposed transaction is approved unconditionally.

Orders

  • The merger between Government Employees Pension Fund and lsago @N12 Develeopment Proprietary Limited is approved without conditions.