Merger Alert: Outcome of mergers decided by the Tribunal - 3 July 2024

The Competition Tribunal (“Tribunal”) has approved the proposed merger wherein Bunge Global SA (“Bunge”) intends to acquire Viterra Limited (“Viterra”), subject to a condition that is aimed at preserving competition in the marketing and supply of wheat.

Bunge is a firm registered in Switzerland. The acquiring group (Bunge and all the firms directly and indirectly controlled by it), through Bunge, is an agribusiness mainly active in the sale of processed crops, in particular vegetable oil and oilseed meal. It also sells unprocessed oilseeds, grains (e.g. maize, wheat, barley) and milled products. In South Africa, it has a marketing office that performs a marketing function only. Employees act as traders and sales people that import grains (wheat and maize) and vegetable oils (palm oil) on behalf of local customers.

Viterra is incorporated under the laws of Jersey. The target group (Viterra and all the firms directly and indirectly controlled by it), through Viterra, is an agribusiness mainly active in the sale of unprocessed crops, primarily grains and oilseeds. In South Africa, the target group is primarily active through the import of grains (such as wheat and, to a lesser extent, maize) as well as glycerine to be marketed to local businesses.

The Tribunal has unconditionally approved the merger whereby CFAO Healthcare Société Anonyme ("CFAO Healthcare") intends to acquire Opella Healthcare South Africa (Pty) Ltd ("Opella Healthcare").

CFAO Healthcare, a French-based company, is a pharmaceutical logistics company supplying wholesaler-distributors in various countries with various pharmaceutical and healthcare products. It is also licensed to manufacture medicines for a number of companies, through its subsidiaries. CFAO Healthcare neither has any activities in South Africa, nor does it distribute any products locally. The activities of the CFAO Group in South Africa include the retailing of new and used vehicles and trucks, vehicle servicing, car rental services, and supply chain and logistics management.

Opella Healthcare, incorporated in South Africa, is primarily engaged in the distribution of consumer healthcare (“CHC”) products. It is the exclusive wholesale distributor of Sanofi Group’s CHC products and healthcare solutions. These comprise the Sanofi Group's main over-the-counter medication categories including allergy, cough and cold, pain care, digestive health and nutritional products. Opella Healthcare does not distribute products of other firms in South Africa or elsewhere.

The Tribunal has unconditionally approved the merger whereby the Government Employees Pension Fund (“GEPF”), represented by the Public Investment Corporation SOC Ltd (“PIC”), intends to acquire shareholding in SAHL Investment Holdings (Pty) Ltd (“SAHLIH”).

The GEPF is statutorily mandated to manage and administer pensions and other benefits for South African government employees. It makes targeted investments across various asset classes including cash and money markets, domestic bonds, domestic property, domestic equity, African equity (excluding South Africa), foreign bonds and foreign equity. The PIC is controlled by the government and acts as an asset management and investment company for various government entities including the GEPF.

SAHLIH wholly owns SAHL Insurance Company Ltd; SAHL Life Assurance Company Ltd; SA Home Loans (Pty) Ltd; and SAHL Office Park (Pty) Ltd. In addition, SAHLIH controls The Mortgage Protection Company (RF) (Pty) Ltd; Multinet Property Partners (RF) (Pty) Ltd; and RCS Home Loans Joint Venture ("RCS JV"). The firms controlled by SAHLIH are involved in the provision of home loans and related activities.

Issued by:

Gillian de Gouveia, Communications Manager

On behalf of the Competition Tribunal of South Africa

Cell: +27 (0) 82 410 1195

E-Mail: GillianD@comptrib.co.za

Twitter: @comptrib