TRIBUNAL UNCONDITIONALLY APPROVES LNM/ISCOR MERGER
The Competition Tribunal has today, 8 June 2004, unconditionally approved the
large merger transaction between LNM Holdings N.V. and Iscor Limited.
Reasons for the decision will be released in due course.
Background
LNM Holdings, which is involved in steel manufacturing, intends to acquire Iscor
also involved in the manufacturing of several steel products.
Several trade unions and the Minister of Trade and Industry participated in the
merger proceedings. Concerns were expressed regarding the effect of the merger
on domestic steel prices as well as employment.
Subsequent to the Minister`s Notice of Intention to Participate, the Department
of Trade and Industry has reached an agreement with LNM on 4 May 2004 and
supports the merger.
The matter was heard on 7 June 2004.
Issued by: Jane Sussens
Communications Advisor
Tel: (011) 483 2687
Cell: 082 920 0875
Fax: (011) 483 2686
E-Mail: jane.sussens@mweb.co.za
On Behalf of: Shan Ramburuth
CEO
The Competition Tribunal
Tel: (012) 482 9204
Fax (012) 482 9201
Cell: 083 357 1685
E-Mail: shanr@comptrib.co.za
www.comptrib.co.za
Date: 08/06/2004 05:54:40 PM Produced by the JSE SENS Department
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