OLX rejects Competition Tribunal’s ruling on takeover of WeBuyCars
The disappointed company says it disagrees with decision and will consider its options
OLX, a classifieds business unit of Naspers, disagrees with the competition authorities’ decision to block its bid to buy online vehicle group WeBuyCars amid concern that it could have led to higher used-car prices in SA.
A unit of Naspers, which owns the AutoTrader platform and OLX, intended to buy 60% of WeBuyCars. Naspers announced the deal in September 2018, saying it would invest R1.4bn in the company.