The Competition Commission says Naspers’s acquisition of local vehicle-purchasing service WeBuyCars should be blocked as it could lead to higher used-car prices in SA. The commission has recommended to the Competition Tribunal that the deal be “prohibited”, it said on Wednesday. A unit of Naspers, which owns the AutoTrader platform and OLX, wants to buy 60% of WeBuyCars. Naspers announced the deal in September 2018, saying it would invest R1.4bn in the company.

“We are very disappointed by the recommendation and respectfully disagree with the commission’s findings,” said Sjoerd Nikkelen, GM of OLX in Africa, the Middle East and Asia.“As a long-term investor in SA, we believe that the transaction, which will bring a R1.4bn investment into the country, will help stimulate the economy and provide more consumers with innovative and convenient models to buy and sell used cars,” Nikkelen said.In the automotive segment, Naspers already has investments in Dubai-based companies Expat ...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.