/ MEDIA STATEMENT / The content on this page is not written by Polity.org.za, but is supplied by third parties. This content does not constitute news reporting by Polity.org.za.

The acquiring firm, Mercuria Energy Group Limited (“Mercuria”), is incorporated in accordance with the laws of Cyprus. In South Africa, Mercuria is active through Minerva Bunkers in the trading or brokering of bunker fuel. Minerva Bunkers is not a physical supplier of fuel locally.
 
Aegean Marine Petroleum Network Inc (“Aegean”), is registered in the Republic of the Marshall Islands. It physically supplies bunker fuel and provides logistics services. The company uses the services of bunkering tankers and floating storage owned by non-South African Aegean affiliates to deliver bunker fuel in South Africa to end-user customers.
 
Bunker Fuel is used to power engines of shipping liners or vessels. Traders and brokers, such as Mercuria, buy and sell bunker fuel but are not physically involved in supplying it to end-users. A physical supplier is responsible for delivering bunker fuel to end-users, refuelling vessels and the physical movement of fuel from one point to another.
 
In its analysis of the proposed transaction, the Commission found that Aegean had been going through financial difficulties and that a Bankruptcy Court decision in the USA lead to the proposed merger, essentially saving the target firm from closure. The Commission concluded that the merger is unlikely to substantially prevent or lessen competition in any market. In addition, it found that the merger is unlikely to result in any job losses or retrenchments. The Commission recommended approval without conditions.
 
 
Tribunal hears large merger in Gauteng residential property development market
 
This is a property merger whereby Balwin Rentals (Pty) Ltd (“Balwin Rentals”) seeks to acquire yet to be developed residential properties in Gauteng (residential units in the Greenpark Development, the Greenlee Development and The Greencreek Development).

Balwin Rentals is jointly controlled by Balwin Properties Ltd and Yieldex (Pty) Ltd. It purchases newly developed residential property from Balwin Properties with the intention of leasing these to individual tenants.
 
Balwin Properties is a residential property developer which builds residential properties for sale directly to investors, while Yieldex is a newly established entity which currently does not conduct any business activities.
 
The Commission is of the view that the proposed transaction does not raise any competition or public interest concerns and has recommended approval without conditions.

Issued by The Competition Tribunal