The Competition Commission has recommended to the Competition Tribunal that Southern Palace Group's (SPG's) proposed acquisition of steel fabrication and manufacturing business Genrec Engineering, from construction and engineering company Murray and Roberts, be approved without conditions.
SPG, which is a black-managed investment holding company with diverse interests in real estate, industrial companies, information technology, metals, mining and construction, also has a presence in the steel products manufacturing and recycling industry, and the automotive trading and manufacturing industry.
Genrec is a manufacturer of steel fabrication solutions and undertakes high, medium and heavy structural steel fabrication, structural steel, project services, steel erections and site services for construction companies.
The commission found that the proposed transaction is unlikely to result in a substantial prevention or lessening of competition in the relevant market.
In addition, the commission found that the proposed transaction did not raise public interest concerns.