Competition Committee approves LNM takeover of Iscor

Competition Committee approves LNM takeover of Iscor

According to recent news in the market, Competition Committee has announced that it has approved LNM's takeover of Iscor. However, now the acquisition is subject to approval of Competition Tribunal. On the condition that Tribunal approves the case, LNM will be able to increase its 49.9% stake in Iscor to more than 50%. Trade unions in South Africa expressed their concern about the matter however Competition Committee is of the opinion that takeover of Iscor by LNM will not have negative effect on South African steel industry. Moreover, Competition Committee stated that the agreement on new pricing model between LNM Holdings and Department of Trade and Industry (DTI) is a positive development.