Old Mutual Life Assurance Company (South Africa) Limited and Sweet Roses Investment 506 (Pty) Ltd (79/LM/JUL07) [2007] ZACT 60 (10 September 2007)

Old Mutual Life Assurance Company (South Africa) Limited and Sweet Roses Investment 506 (Pty) Ltd (79/LM/JUL07) [2007] ZACT 60 (10 September 2007)

The Tribunal accepted the Commission's definition of the relevant market as the neighbourhood retail shopping centre in Knysna. It found that Old Mutual Life Assurance does not own any retail property in Knysna or the broader Garden Route area, and thus there is no geographic overlap between the parties. The transaction is not likely to substantially prevent or lessen competition. Furthermore, no significant public interest issues were identified. The merger was approved without conditions.

Citation
[2007] ZACT 60
Parties
Applicant: Old Mutual Life Assurance Company (South Africa) Limited; Respondent: Sweet Roses Investments 506 (Pty) Ltd
Court
Competition Tribunal
Jurisdiction
South Africa
Judgment Date
10 September 2007
Case Number
79/LM/JUL07
Procedural Posture
Merger Application / Approval
Outcome
Merger approved without conditions.
Judges
N Manoim, Y Carrim, U Bhoola
Legal Topics
Merger Control, Retail Property Market, Market Definition, Public Interest, Substantial Lessening of Competition
Competition Law Commercial and Corporate Land and Property Merger Control Retail Property Market Market Definition Public Interest Substantial Lessening of Competition

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Parties

Old Mutual Life Assurance Company (South Africa) Limited

Applicant

Sweet Roses Investments 506 (Pty) Ltd

Respondent

Procedural Posture

Merger Application / Approval

Legal Issues

  1. 1 Whether the acquisition of Knysna Mall by Old Mutual Life Assurance will substantially prevent or lessen competition in the relevant market.
  2. 2 Whether the transaction raises any significant public interest concerns.

Ratio Decidendi

The Tribunal accepted the Commission's definition of the relevant market as the neighbourhood retail shopping centre in Knysna. It found that Old Mutual Life Assurance does not own any retail property in Knysna or the broader Garden Route area, and thus there is no geographic overlap between the parties. The transaction is not likely to substantially prevent or lessen competition. Furthermore, no significant public interest issues were identified. The merger was approved without conditions.

Court Disposition

Merger approved without conditions.

Orders

  • The acquisition of Knysna Mall by Old Mutual Life Assurance Company (South Africa) Limited is approved without conditions.