Rebosis Property Fund Limited v Ascension Properties Limited (LM223Mar15) [2015] ZACT 46; Wessels J (4 June 2015)

Rebosis Property Fund Limited v Ascension Properties Limited (LM223Mar15) [2015] ZACT 46; Wessels J (4 June 2015)

The Tribunal found that the merged entity would have a market share of less than 15% in the relevant office property markets in Pretoria and Johannesburg. It was unnecessary to take a definitive view on the precise market definition, as the transaction was unlikely to substantially prevent or lessen competition under either a broad or narrow market definition. No negative public interest effects, including employment impacts, were identified. The Tribunal therefore approved the merger unconditionally.

Citation
[2015] ZACT 46
Parties
Applicant: Rebosis Property Fund Limited; Respondent: Ascension Properties Limited
Court
Competition Tribunal
Jurisdiction
South Africa
Judgment Date
4 June 2015
Case Number
LM223Mar15
Procedural Posture
Merger Control / Merger Approval
Outcome
Merger approved unconditionally.
Judges
Andreas Wessels, Fiona Tregenna, Medi Mokuena
Legal Topics
Merger Control, Market Definition, Public Interest, Office Property Market
Competition Law Commercial and Corporate Merger Control Market Definition Public Interest Office Property Market

Case Brief

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Parties

Rebosis Property Fund Limited

Applicant

Ascension Properties Limited

Respondent

Procedural Posture

Merger Control / Merger Approval

Legal Issues

  1. 1 Whether the proposed merger between Rebosis and Ascension is likely to substantially prevent or lessen competition in any relevant market.
  2. 2 Whether the merger raises any public interest concerns, including employment impacts.

Ratio Decidendi

The Tribunal found that the merged entity would have a market share of less than 15% in the relevant office property markets in Pretoria and Johannesburg. It was unnecessary to take a definitive view on the precise market definition, as the transaction was unlikely to substantially prevent or lessen competition under either a broad or narrow market definition. No negative public interest effects, including employment impacts, were identified. The Tribunal therefore approved the merger unconditionally.

Court Disposition

Merger approved unconditionally.

Orders

  • The proposed merger between Rebosis Property Fund Limited and Ascension Properties Limited is approved unconditionally.