Afrimat only waiting for CompTrib approval for Lafarge South Africa acquisition
JSE-listed midtier mining and materials company Afrimat says it is now awaiting approval from only the Competition Tribunal to proceed with its proposed acquisition of Lafarge South Africa.
Mineral Resources and Energy Minister Gwede Mantashe consented to the acquisition on October 27, while the Financial Surveillance Department of the South African Reserve Bank gave its approval for the deal in terms of the Exchange Control Regulations on July 14 last year.
The competition authorities in Botswana and eSwatini also approved the implementation of the acquisition in August last year.
"The only remaining condition precedent is the approval of the competition authorities in South Africa. The Competition Commission referred the transaction to the Competition Tribunal on November 6 with a recommendation for conditional approval," Afrimat advised shareholders.
Since the referral by the commission, the merger parties have not yet received a final decision from the tribunal, the company says.
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