Fin24

Tribunal to give Caxton verdict

2011-09-07 10:48

Johannesburg - The Competition Tribunal will give its decision on Wednesday on whether Caxton and CTP Publishers and Printers [JSE:CAT] can intervene in the merger proceedings between Media 24, Paarl Coldset and Natal Witness.

The Competition Commission in July conditionally approved the bid by Media 24 and Paarl Coldset to acquire Natal Witness.

If the tribunal grants the application, Caxton will be allowed to intervene in the merger hearing set to take place from November 7 to 11.

Caxton argued on Tuesday, during its application to the tribunal to intervene, that the acquiring parties had not disclosed all interests to the Competition Commission, Business Day reported.

In turn, Naspers [JSE:NPN] argued that Caxton was trying to delay the merger and being a competitor was not sufficient reason to intervene.

In its application, Caxton said the deal was likely lead to substantial anticompetitive effects and public interest concerns, some of which the commission identified when assessing the merger.

But Caxton said the conditions imposed by the commission were not adequate to address these concerns and that, given its involvement in the markets affected by the merger, it was well placed to assist the tribunal in making its finding.