JOHANNESBURG - South Africa's Competition Commission on Thursday recommended that the Competition Tribunal block the proposed acquisition of WeBuyCars by MIH eCommerce Holdings, an entity of Naspers.
The Competition Commission said while it found that the proposed transaction did not present any competitor overlap as Naspers was not active in the buying and selling of cars, Naspers, through Frontier Car Group Inc, had been anticipating entering the South African market for the wholesale and online buying of used cars in competition with WeBuyCars. The Commission said given this potential entry, it had assessed if the proposed merger would result in the removal of potential competition.
WeBuyCars is a dominant wholesale and online buyer of used cars from the public, while AutoTrader is the largest online classified platform and generates significant customer traffic, making it a key online platform for traditional used car dealers seeking to sell their car stock. It said it was concerned that the proposed merger would result in the foreclosure of other traditional dealers, that is, rivals of WeBuyCars on the sell side.
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