IMPLATS. Supplied
The Competition Tribunal announced on Wednesday that it has given the Impala Platinum (Implats), and Royal Bafokeng (RBPlat) proposed merger the go-ahead, with conditions.
In a statement, the tribunal said subject to a package of competition and public interest conditions, the Competition Tribunal has approved the proposed large merger whereby Implats seeks to acquire RBPlat.
“The conditions relate to, among others, Implats honouring its current contracts as well as securing commercial terms for the renewal of contracts,” it said.
The tribunal said the conditions further seek to promote a greater spread of ownership and involve commitments relating to an employee share ownership scheme. In promoting small and medium-sized businesses, the conditions involve commitments towards SMME suppliers and enterprise-supplier development.
“Further, the conditions make provision for local investment initiatives to benefit local communities as well as local procurement commitments. Provision is also made for employment-related conditions such as a moratorium on any merger-related retrenchments,” the tribunal said.
Meanwhile, Implats is involved in a takeover with Northam over RBPlat.
Last week, Northam announced that it hoped to acquire a controlling stake when it bought the 35% stake in RBPlat.
BUSINESS REPORT