Sibanye, Newshelf in breach of merger conditions – Competition Commission
The Competition Commission has issued a CC19 Notice of Apparent Breach against the merged entity of Sibanye Gold and Newshelf 1114, after the newly formed company allegedly attempted to carry out merger-related retrenchments before the expiry of a two-year moratorium.
“This is a serious matter, as it involves an apparent breach of merger conditions. The commission will await the merged entity’s response to the notice before taking any further steps,” acting deputy commissioner Hardin Ratshisusu said in a statement.
On February 5, the Competition Tribunal approved the acquisition of Newshelf by Sibanye Gold, on condition that the merged entity did not retrench any employees for a period of two years following the implementation of the merger.
Newshelf was ultimately controlled by Gold One International and was the vehicle in which Gold One held its Cooke mining operations, in Gauteng.
The merger resulted in gold miner Sibanye having sole control over the Cooke mining operations.
However, on November 5, the commission received a formal complaint from the National Union of Mineworkers (NUM) alleging that Sibanye was in breach of the conditions for carrying out merger- related retrenchments before expiry of the moratorium.
The NUM alleged that Sibanye’s need for the reduction of support services at Cooke was occasioned by the merger.
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