After almost seven years of extensive legal process, which included the Competition Appeal Court, the Appellate Division of the High Court and the Constitutional Court, the Senwes "margin squeeze" matter was finally brought to an end by a settlement agreement.

In April 2012, the Constitutional Court found that Senwes had charged differential fees for storage and had thus contravened section 8(c) of the Competition Act. The settlement agreement was confirmed by the Tribunal on 15 May 2013 and addresses the remedial measures required to address the contravention identified.

In summary, the settlement agreement separates Senwes' grain marketing business (comprising Senwes' client base and goodwill in relation to white maize, sunflower and sundry commodities) in a separate entity, of which Senwes will be the sole shareholder. The silo business continues to operate as a division of Senwes, whilst while trading in yellow maize and wheat will continue to form part of the Bunge Senwes joint venture.

The terms of the settlement encapsulate the principle of different storage tariff options as well as equal access thereto.