Tribunal approves Glencore’s re-acquisition of Access World, subject to public interest conditions
The Competition Tribunal (“Tribunal”) has approved, subject to public interest-related conditions, a merger in which Glencore plc (“Glencore”), through its wholly owned subsidiary, Tironimus AG (Tironimus”), will re-acquire Access World Group Holdings B.V. (“Access World”). Following implementation of the transaction, Glencore, through Tironimus, will control Access World.
Tironimus is a Swiss company wholly owned by Glencore, a Switzerland-based global diversified natural resources company. Through its subsidiaries, Glencore is active in the production and marketing of a wide range of commodities and operates numerous mining, metallurgical and oil production assets. In South Africa, the Glencore group is involved in the mining and supply of coal and chrome; integrated vanadium operations; the mining of Platinum Group Metals from primary chrome mining activities; the production of ferrochrome, char and electrode paste; and the supply of petrochemical products.
Access World, incorporated in the Netherlands, is a wholly owned subsidiary of Global Capital Merchants Ltd, a company incorporated in the British Virgin Islands. Access World forms part of a broader group that provides freight forwarding and contract logistics services through a global network of port and warehouse facilities, offering logistics services for a range of commodities. In South Africa, it operates warehousing and storage facilities, including a bulk manganese receiving and storage facility. The group also provides sea freight, trucking, cutting, warehousing and other value-added services, as well as international clearing and forwarding services.
Tribunal approves acquisition of Hotel Sky Sandton and Hotel Sky Cape Town, subject to employment conditions
The Tribunal has approved, subject to employment-related conditions, a merger that will see Beech Hospitality S.à.r.l (“Beech Hospitality”) and Nedbank Ltd (“Nedbank”) jointly acquire two four-star hotel properties in South Africa’s leading business and tourism hubs.
The transaction involves Richland Holdings (Pty) Ltd (“Richland”), which owns Hotel Sky Sandton in Gaunteng, and Sandton Treeway Centre (Pty) Ltd (“Sandton Treeway”), which owns Hotel Sky Cape Town in the Western Cape. Following implementation of the merger, Beech Hospitality and Nedbank will exercise joint control over Richland and Sandton Treeway.
Beech Hospitality is incorporated in Luxembourg and does not conduct any business activities in South Africa. Nedbank is wholly owned by Nedbank Group Ltd, which is listed on the Johannesburg Securities Exchange. Nedbank provides wholesale and retail banking and wealth management services.
Mercuria to acquire Tata commodity trading business following Tribunal approval
The Tribunal has unconditionally approved a merger in which Mercuria Energy Netherlands B.V. (“Mercuria Energy Netherlands”) will acquire control of the commodity trading business assets of Tata International Ltd (the “target business”).
Mercuria Energy Netherlands forms part of a global energy and commodities trading group. The group trades a range of energy products including crude oil and other petroleum products, biodiesel, natural gas, electricity, carbon emissions rights, coal, metals and petrochemicals. In South Africa, the group is active in the trading of energy and related commodities and associated services.
The target business comprises the commodity trading business assets of Tata International Ltd (“Tata”), a privately owned firm incorporated in India. These assets include several Tata businesses and firms located in different countries, although none of the businesses are located in South Africa. The target business trades globally in steel and agricultural products, while its oil and gas products and non‑ferrous metals activities are primarily focused on India. It also trades dry bulk products into and from India, Sri Lanka, Bangladesh, Nepal, Mauritius, Maldives and Vietnam. The agricultural products traded by the target business include coffee, oil, oilseeds, grains, pulses and sugar. In South Africa, it has generated revenue through the supply of agricultural products, particularly sugar.