Tribunal eyes Growthpoint-Primegro merger.

Posted On Tuesday, 29 July 2003 02:00 Published by eProp Commercial Property News
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The Competition Tribunal is due to consider the acquisition of Primegro Properties by Growthpoint Properties.

Norbert SasseSouth Africa's Competition Tribunal is to hold a hearing on Wednesday July 30 to consider the proposed transaction involving the acquisition of Primegro Properties (PMG) by Growthpoint Properties (GRT).

Growthpoint and Primegro are both property variable rate loan stock companies listed on the JSE Securities Exchange.

Primegro has a property portfolio of 52 properties. The merging firms have property portfolios that consist of commercial, retail, residential, hotels and industrial properties.

In terms of the transaction Growthpoint will acquire all the assets and liabilities of Primegro and will control Primegro properties in exchange for linked units in Growthpoint.

Primegro's existing assets will be the linked units it holds in Growthpoint. Subsequent to the sale of the business Primegro will be wound up.

According to the Competition Commission the combined post-merger market shares for each market is relatively low and does not raise competition issues and there are no public interest concerns.

It has, therefore, recommended that the transaction be approved without conditions.

 

Last modified on Monday, 12 May 2014 10:07

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