Proposed deal between Barnes Southern Palace and Scaw Metals goes to Competition Tribunal
The Competition Commission has recommended that the Competition Tribunal approve the proposed transaction, with conditions, in which Barnes Southern Palace will buy Scaw Metals Group from the Industrial Development Corporation (IDC).Barnes and affiliated companies are active in the manufacturing of wire and related products. Southern Palace is a wholly owned and managed black investment holding company with interests in industrial companies, metals, mining and construction.Scaw beneficiates iron ore and scrap to produce a wide range of steel products used in the mining, rail, power, offshore oil and gas, construction and other industrial sectors.The commission found that the proposed transaction may create a platform for the sharing of competitively sensitive information between Barnes and Consolidated Wire Industries (CWI) which is owned by the IDC, as the IDC will retain a minority shareholding in Scaw after the merger.In order to address these concerns, the commission recommends,...
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