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Competition Commission conditionally approves proposed acquisition of Tongaat Hulett

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The Competition Commission has conditionally approved the proposed transaction whereby Magister Investments will acquire control of Tongaat Hulett (THL).

The acquisition is pursuant to Magister’s participation in, and partial underwriting of, THL's proposed rights offer to shareholders.

The commission said THL is primarily an agriculture and agri-processing business with a focus on the sugar production and animal feeds sectors. It raised concerns with respect to the likely impact of the proposed transaction on employment, the promotion of a greater spread of ownership and the effect of the transaction within the sugar value chain and the region in which THL is active.

The commission approved the merger subject to the condition that the parties will not retrench employees as a result of the merger. As THL plays a big role in socioeconomic development, primarily in KwaZulu-Natal, the commission was concerned about the effect of the transaction in the region.

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