Data provided by iNet BFA
Loading...
See More

Competition Tribunal to hear steel merger

Aug 29 2012 14:37 I-Net Bridge

Company Data

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 293.84
Change 11.52
% Change 0.04
Cumulative volume 2129288
Market cap 412.98bn

Last Updated: 25/07/2014 at 04:34. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Anglo seals deal in De Beers takeover

Anglo completes De Beers transaction

Botswana passes on $1.26bn De Beers rights

Brazil big blow for Anglo

SA woes, costs weigh on Anglo

Copper’s feet of clay weigh Anglo down

 
Johannesburg - The Competition Tribunal will hear a case involving the Industrial Development Corporation (IDC) on Thursday‚ regarding the IDC’s interest in purchasing Anglo American [JSE:AGL] steel businesses.

The transaction concerns the acquisition‚ by the IDC‚ of Anglo’s Scaw SA and Consolidated Wire Industries (CWI).

“The Competition Commission assessed the deal and found that it would cause some competition concerns because of the IDC’s interest in another steel maker‚ ArcelorMittal SA‚ the Competition Tribunal said in a statement on Wednesday.

The commission was concerned that the common shareholding and possible directorships between ArcelorMittal and the target firms‚ could create a platform for the exchange of competitively sensitive information.

“The commission has therefore recommended that the Competition Tribunal approve this deal subject to conditions aimed at preventing any anti-competitive exchange of information between ArcelorMittal‚ Scaw SA and CWI. Allens Meshco‚ a firm which operates in the steel industry‚ has objected to the merger.”

The tribunal will hear this merger on Thursday and thereafter determine whether to approve the deal‚ approve it with conditions or prohibit the merger outright.

*Follow Fin24 on Twitter, Facebook and Google+.
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Passive investment for retirement

The use of passive investment products, like Exchange Traded Funds, to deliver low-cost investment performance is taking off.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...