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Johannesburg - The Competition Tribunal on
Wednesday conditionally approved the merger between investment holding
companies Remgro and Venfin.
The Competition Commission had recommended unconditional approval.
However, the Tribunal required that an undertaking given by the merging
parties to the Commission be made part of the order as this gave the
undertaking binding effect.
The Tribunal said that the purpose of the undertaking was to prevent
Remgro being used to facilitate information sharing between two rival
vehicle-tracking companies, Tracker Investment Holdings and Mix Telematics
in which the merged firm would have indirect investments.
The effect of the merger aims to bring the investments in these firms,
previously held separately by the acquiring and target firm respectively,
under the common ownership of Remgro.
- I-Net Bridge