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NaCC approves two mergers

Mon, 9 June 2014 02:52
by Business Reporters

The Namibian Competitions Commission (NaCC) has approved the aquisition of Anglo Gold Ashanti Namibia (Pty) Ltd (Navachab Gold Mine) by Guinea Fowl Investments Twenty six (Pty) Ltd  and the merger between Pajarinos Sociedad Limitada and Congelados Cela Sociedad and Anonima and Congelados Cela Sociedad Anonima and Omualu Fishing (Pty) (Ltd).
NaCC Chief Executive Officer Mihe Gaomab II said the AngloGold merger was approved with conditions.
“The commission decision to approve the merger is based on grounds that the proposed transaction is not likely to prevent or lessen competition.
“However the commission was convinced about the effects of the merger on employment, hence has agreed to the imposition of the condition,” Goamab II.
The conditions include  that there shall be no retrenchment of employees of the merged undertaking from the Navachab Gold mine for a period of two years from the date of approval of the merger.However, NaCC noted that retrenchment does not include voluntary separation or voluntary early retirement; retrenchment which are not merger specific.
Furthermore, retrenchments which are merger specific should be agreed with the commission in writing after the approval of the merger undertakings experience and in the event that the merger undertakings experience adverse economic circumstances which necessitate such retrenchment.
The Commission received a notification in terms of sections 44 of the competition No2 of 2003 from Engling Stritter and partners on the proposed acquisition of Anglo Gold Ashanti Nam (Pty) Ltd (AGAN) by Guinea Fowl Investments Twenty six (Pty) Ltd.
AGAN is a private company with limited liability incorporated in accordance with the laws of Namibia with its principal business address at Navachab Gold mine, Karibib.
Anglo Gold Namibia is a wholly owned subsidiary of Anglo Gold Ashanti LTD, a private company incorporated in accordance with the laws of the Republic of South Africa, with its principal business place in Johannesburg in South Africa.
Anglo Gold Namibia is the owner of Navachab Gold mine, located in the town of Karibib which has been the only gold mining company until the advent of the B2Gold busy developing a mine in Otjozondjupa Region.
  “The proposed mergers are unlikely to substantially prevent or lessen competition in the market for harvesting, processing and marketing of fish and fish products as there are other competitors in the market. And the merger will not change the current competitive landscape; the proposed mergers are also unlikely to result in merging parties acquiring or strengthening a dominant position in the relevant product and geographic market post merger,”he said.