Investec Bank Ltd v Anglo-V3 (Pty) Ltd (09/LM/Jan09) [2009] ZACT 19 (18 March 2009)

Investec Bank Ltd v Anglo-V3 (Pty) Ltd (09/LM/Jan09) [2009] ZACT 19 (18 March 2009)

The Tribunal found that there is no horizontal overlap in the activities of Investec Bank Ltd and Anglo V3, as Investec is a specialist banking group and Anglo V3 operates in crane hire and related services. The Commission's investigation confirmed the absence of competition concerns. The transaction introduces broad-based BEE shareholders and facilitates the partial exit of existing shareholders. No significant public interest concerns were identified. Accordingly, the Tribunal approved the merger as it is unlikely to substantially prevent or lessen competition and does not negatively impact public interest.

Citation
[2009] ZACT 19
Parties
Applicant: Investec Bank Ltd; Respondent: Anglo-V3 (Pty) Ltd
Court
Competition Tribunal
Jurisdiction
South Africa
Judgment Date
18 March 2009
Case Number
09/LM/Jan09
Procedural Posture
Merger Control / Tribunal Approval of Merger
Outcome
Merger approved; no competition or public interest concerns identified.
Judges
N Manoim, U Bhoola, M Mokuena
Legal Topics
Merger Control, Public Interest, Horizontal Overlap, Broad Based Bee Shareholding
Competition Law Commercial and Corporate Merger Control Public Interest Horizontal Overlap Broad Based Bee Shareholding

Case Brief

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Parties

Investec Bank Ltd

Applicant

Anglo-V3 (Pty) Ltd

Respondent

Procedural Posture

Merger Control / Tribunal Approval of Merger

Legal Issues

  1. 1 Whether the proposed acquisition of Anglo V3 by Investec Bank Ltd is likely to substantially prevent or lessen competition in the relevant market.
  2. 2 Whether the transaction raises any significant public interest concerns.

Ratio Decidendi

The Tribunal found that there is no horizontal overlap in the activities of Investec Bank Ltd and Anglo V3, as Investec is a specialist banking group and Anglo V3 operates in crane hire and related services. The Commission's investigation confirmed the absence of competition concerns. The transaction introduces broad-based BEE shareholders and facilitates the partial exit of existing shareholders. No significant public interest concerns were identified. Accordingly, the Tribunal approved the merger as it is unlikely to substantially prevent or lessen competition and does not negatively impact public interest.

Court Disposition

Merger approved; no competition or public interest concerns identified.

Orders

  • The acquisition by Investec Bank Ltd of 60% of the issued share capital in Anglo V3 Crane Hire (Pty) Ltd is approved.
  • No conditions are attached to the approval.