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JSE
THEE
THEE - Outcome of Competition Tribunal Hearings on 17 November 2010
OUTCOME OF COMPETITION TRIBUNAL HEARINGS on 17 November 2010
(Following is a guideline for journalists. The information can be used but
please do not quote Nandi Mokoena or the Tribunal)
1. Proposed large merger between Swanvest 120 (Pty) Ltd and Indwe Broker
Holdings Ltd
The Tribunal approved this merger unconditionally.
Background
In this transaction Swanvest, a wholly owned subsidiary of Santam Ltd, intends
to acquire Indwe which is currently controlled jointly by the Thebe and Pamodzi
groups. Through its holdings, Indwe operates as a short term insurance broker
and a short term insurance administrator. Swanvest on the other hand provides
short term insurance.
Through this merger, Swanvest/Santam hope to protect their interest in valuable
insurance work being placed with them by the target firm, given that the
controlling Thebe and Pamodzi group companies are exiting in order to realise
their investment in Indwe.
The Competition Commission assessed the merger and found no significant
competition concerns. The Commission therefore recommended to the Tribunal that
it approve this merger without conditions.
2. Settlement between the Commission and Rooibos Ltd
The Tribunal confirmed the settlement between the Commission and Rooibos Ltd.
Background
On 8 September 2010 the Tribunal considered the settlement agreement between the
Commission and Rooibos Ltd. At this hearing the Tribunal asked the parties to
reconsider some clauses in the agreement that were ambiguous. Yesterday the
parties submitted an amended settlement to address those issues. The Tribunal
accepted the amendments and confirmed the order.
Issued By:
Nandi Mokoena
PR Consultant: Competition Tribunal
Cell: +27 (0) 82 399 1328
E-mail: NandisileM@live.co.za
On Behalf Of:
Lerato Motaung
Registrar: Competition Tribunal
Tel: (012) 394 3355
Cell: +27 (0) 82 556 3221
E-Mail: LeratoM@comptrib.co.za
Date: 18/11/2010 09:55:01 Produced by the JSE SENS Department.
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