Caxton CTP Publishers and Printers Limited and Naspers Ltd / Electronic Media Network Ltd / Supersport International Holdings Ltd / Competition Commission (16/FN/Mar04)
Caxton CTP Publishers and Printers Limited and Naspers Ltd / Electronic Media Network Ltd / Supersport International Holdings Ltd / Competition Commission (16/FN/Mar04) [2004] ZACT 25; [2004] 1 CPLR 217 (CT) (13 April 2004)
The Tribunal held that the scheme of arrangement did not constitute a notifiable merger. Although Naspers' aggregate economic interest in M-Net post-transaction would exceed 50%, it did not acquire sole control over M-Net or SuperSport. The MNH98 holding remained subject to joint control with Johncom, and the transaction did not alter Naspers' legal or economic relationship to this portion of its interest. The Tribunal found that an increase in economic interest alone does not amount to a change of control for merger notification purposes. The applicant failed to demonstrate that Naspers acqu…
Source excerpt
- Merger Notification
- Change Of Control
- Joint Control
- Economic Interest
- Section 12 Competition Act