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Johannesburg - The Competition Tribunal has confirmed a R12.8m settlement agreement between the Competition Commission and Power Metal Recyclers.
It said on Thursday that the settlement was five percent of Power's turnover for the year ended February 2006.
Power was the second party, after New Reclamation Group (NRG), to reach a settlement with the commission in this investigation.
The tribunal said this followed a commission probe of the activities of Power, NRG, SA Metals & Machinery Company, National Scrap Metal in Cape Town, and Cape Town Iron and Steel Works.
The tribunal said according to the commission, the firms had held numerous discussions about the prices at which ferrous scrap should be bought, and appointed a "selling committee".
They had also agreed to establish a yard named Greystone as a joint venture for buying, selling, transporting and processing non-ferrous scrap.
The tribunal said it had unconditionally approved the merger between MB Technologies Investments and Ingram Micro.
- Sapa
It said on Thursday that the settlement was five percent of Power's turnover for the year ended February 2006.
Power was the second party, after New Reclamation Group (NRG), to reach a settlement with the commission in this investigation.
The tribunal said this followed a commission probe of the activities of Power, NRG, SA Metals & Machinery Company, National Scrap Metal in Cape Town, and Cape Town Iron and Steel Works.
The tribunal said according to the commission, the firms had held numerous discussions about the prices at which ferrous scrap should be bought, and appointed a "selling committee".
They had also agreed to establish a yard named Greystone as a joint venture for buying, selling, transporting and processing non-ferrous scrap.
The tribunal said it had unconditionally approved the merger between MB Technologies Investments and Ingram Micro.
- Sapa
