South Africa approves LNM-Iscor merger

Wednesday, 09 June 2004 12:08:00 (GMT+3)   |  
       

South Africa approves LNM-Iscor merger

South African Competition Tribunal has reportedly approved LNM Holdings NV-Iscor merger. Several trade unions and officials from South Africa's Trade and Industry Ministry were present in merger proceedings. LNM Holdings NV currently holds 49.9% share in Iscor and as previously reported by SteelOrbis, LNM Holdings applied to Competition Committee for approval of its possession of controlling stake in Iscor. However, the take over was put off. In line with Tribunal's unconditional approval, now LNM will increase its share in Iscor over 50%. However, the merger creates concern in South Africa, as it may affect prices negatively or it may cause certain layoffs.

Tags: S. Africa Africa 

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