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For the first time in 20 years, a merger may be prohibited on public interest grounds alone. A ground-breaking recommendation by the Competition Commission (Commission) to the Competition Tribunal (Tribunal) to prohibit the proposed sale by Grand Parade Investments Limited (GPI) of its investment in Burger King (South Africa) to a US private equity firm will have severe consequences for the future of M&A transactions and investment into South Africa. The case also raises questions about whether competition law is the right tool to advance the country s transformation agenda. On 1 June 2021, the Commission recommended that the transaction whereby ECP Africa, a private equity fund, proposed to acquire Burger King (South Africa) and Grand Foods Meat Plant (Pty) Ltd (Grand Foods) from GPI be prohibited. The Commission found that the merger would significantly reduce the shareholding of historically disadvantaged persons (HDP) in the target firm, from more than 68% to 0%. ....
A ground-breaking recommendation by the Competition Commission to the Competition Tribunal to prohibit the proposed sale by Grand Parade Investments Limited of its investment in Burger King SA to a US private equity firm could have far-reaching a far-reaching impact onr the future of M&A transactions in South Africa, say Robert Wilson and Shawn van der Meulen. On 1 June 2021, the Competition Commission recommended that the transaction whereby ECP Africa, a private equity fund, proposed to acquire Burger King South Africa and Grand Foods Meat Plant from GPI be prohibited. The Commission found that the merger would significantly reduce the shareholding of historically disadvantaged ....