Is it really in 'public interest' to tell black owners they

Is it really in 'public interest' to tell black owners they can't sell to non-blacks?


9:05 am
Ina Opperman
It is the first time in 20 years that a merger may be prohibited on the grounds of 'public interest' only.
Picture: iStock
The move by the Competition Commission to formally block the sale of Burger King and Grand Foods meat plant to Pan-African private equity firm Emerging Capital Partners (ECP) because “the proposed merger cannot be justified on substantial public interest grounds”, is bad news for investment.
The commission recommended the Competition Tribunal prohibits the sale because the merger would significantly reduce the shareholding of historically disadvantaged persons (HDP) from more than 68% to 0%.
Ground-breaking recommendation
This “ground-breaking recommendation”, to prohibit the proposed sale by Grand Parade Investments of its investment in Burger King SA to a US private equity firm, will have severe consequences for the future of merger and acquisition transactions and investment in South Africa, say Robert Wilson and Shawn van der Meulen of Webber Wentzel attorneys.

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