Werksmans lodges first Comesa merger filing
Legal firm Werksmans Attorneys has lodged the first merger filing under the Common Market for Eastern and Southern Africa (Comesa) competition regulations in respect of the acquisition by Funai Electric of the Philips Lifestyle Entertainment business group.
Comesa competition regulations came into effect on January 14 and had significant implications for transactions and firms doing business in the Comesa member countries.
The Comesa Competition Commission (CCC) was a regional competition authority created to facilitate increased pan-African trade and consisted of 19 member states – Burundi, the Comoros, the Democratic Republic of Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia and Zimbabwe.
The implementation of the Comesa commercial merger control regulations had raised several legal and practical questions, including whether all mergers, regardless of size, were notifiable to the CCC if the acquiring firm, the target firm, or both, operated in two or more Comesa member States.
Further, it was unclear if the CCC was a "one-stop shop" for the entire Comesa region, making filings with national authorities unnecessary if a filing was made to the CCC.
“In addition, it is not clear if a transaction may be implemented before the grant of CCC approval,” said Werkmans director Pieter Steyn.
He noted that the CCC was, however, very approachable and had a practical view of several logistical and other issues.
Steyn understood that the CCC intended to publish guidelines for comment by the end of March or by early April to enable greater clarity and certainty around the CCC merger filing process.
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