Novus and ITB merger gets approval

2017-06-07 17:13
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Cape Town - The Competition Commission has recommended to the Competition Tribunal that the proposed large merger between Novus Holdings and ITB Manufacturing be approved, without conditions.

"The Commission found that the proposed transaction is unlikely to substantially prevent or lessen competition in any market. In addition, the proposed transaction does not raise any public interest concerns," it said in a statement released on Wednesday.

Novus is controlled by Media24, a wholly-owned subsidiary of Naspers Limited. It is a commercial printing business comprising specialised printing plants and a tissue plant in South Africa. Media24 conducts the print media publication business of the Naspers Group. The operational printing business of the Naspers Group is indirectly held by Media24 through its shareholding in Novus.

ITB is a private company controlled by various family Trusts. ITB manufactures and supplies flexible packaging solutions to intermediate and end users. Its trading subsidiaries are engaged in the production of tamper and non-tamper evident security bags and flexible plastic packaging in South Africa.

The Commission found that the proposed transaction is unlikely to substantially prevent or lessen competition in any market. In addition, the proposed transaction does not raise any public interest concerns.

*Fin24 is part of 24.com, a subsidiary of Media24

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