TRIBUNAL CONDITIONALLY APPROVES INZUZO/PG BISON ME
TRIBUNAL CONDITIONALLY APPROVES INZUZO/PG BISON MERGER
The Competition Tribunal has today, 22 June 2004, conditionally approved the
large merger transaction between Inzuzo Furniture Manufacturers (Pty) Ltd
(`Inzuzo`) and PG Bison Holdings (Pty) Ltd (`PG Bison).
The merger is approved in terms of the Competition Act subject to the
conditions that:
1. PG Bison must supply particle board and MDF to all independent furniture
manufacturers, who are existing customers of PG Bison at the date on which
the merger is approved, at a level no less than their respective purchases
for the 2003-2004 financial year (the `base year`). This condition will
apply for a period of 3 years from 1 July 2004, and is subject to paragraph
2 below;
2. in the event of force majeure PG Bison may proportionately reduce its
supply to the independent furniture manufacturers, provided that it does
so:
2.1 pro rata to what each firm received in the base year; and that
2.2 Steinhoff`s purchases of particle board and MDF for case goods and
lounge furniture are reduced pro-rata in the same manner to what they
were in the base year.
3. in the event of an alleged breach of the condition, the aggrieved party may
approach the Commission for a remedy in accordance with its Rules;
4. for purposes of this order:
4.1 `independent furniture manufacturers` refers to all manufacturers of
case goods and lounge furniture, other than Steinhoff , and
4.2 `Steinhoff ` refers to all companies within the Steinhoff Group or
those controlled by companies within the Steinhoff Group.
Reasons for this decision will be issued in due course.
Issued by:
Jane Sussens
Communications Advisor
Tel: (011) 483 2687
Cell: 082 9200 875
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 3571 685
E-Mail: shanr@comptrib.co.za
www.comptrib.co.za
22 June 2004
Date: 22/06/2004 05:33:02 PM
Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
