Tribunal approves Harmony and Gold Fields with conditions
PRESS RELEASE
Tribunal approves Harmony and Gold Fields with conditions
The tribunal panel has today, 10 May 2005 handed down its order in the Harmony
and Gold Fields transaction. The panel found that there would be no likely
lessening of competition in consequence of the merger. The panel did however
find that there are certain potentially negative public interest consequences
arising from the merger. The merger has accordingly been approved subject to
conditions designed to ameliorate the public interest.
The conditions provide that the merged entity does not, as a result of the
merger, retrench more than 1000 employees, this figure to include contracted
employees. Moreover possible retrenchments are confined to employees in
management and supervisory grades. The merged entity is also obliged to report
retrenchments to the Competition Commission on a quarterly basis and to outline
the reasons for any retrenchments that occur within 24 months of this order.
This will enable the Commission to determine whether the retrenchments resulted
from the merger or whether they arose from factors unrelated to the merger, such
as changes in the macro-economic environment.
Full reasons for the decision will be provided within the statutory time limit
of 20 working days.
Should you have any inquiries in this regard, please contact the Case Manager:
Rietsie Badenhorst, Cell no: 082 771 7958
Issued By: Jane Sussens
Communications Advisor
Tel: (011) 4873 2687
Cell: 082 920 0875
On Behalf Of: Lerato Motaung
Registrar
The Competition Tribunal
Tel: (012) 394 3355
Cell: 082 556 3221
E-Mail: leratom@comtrib.co.
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