GEPF, Concor Holdings deal passes first competition hurdle

THE Competition Commission on Friday recommended that the Competition Tribunal gave the go-ahead for the Government Employees Pension Fund (GEPF) to acquire Concor Holdings, but with conditions.

The proposed transaction did not raise public interest concerns.

The GEPF is represented by the Public Investment Corporation. The GEPF is statutorily mandated to manage and administer pensions and other benefits for government employees in South Africa.

The primary target firm is Concor Holdings, which is jointly controlled by the following shareholders: Southern Palace Group of Companies; Nicasio; the Unemployment Insurance Fund (UIF); and the GEPF.

Concor is primarily active in mining, and infrastructure construction.

The Competition Commission said that to address confidentiality and information exchange concerns, the GEPF shall ensure that its appointments of directors to the board of Concor would not also represent the GEPF on the boards of competitors of the Concor.

BUSINESS REPORT