Significant Matters

Southern Sun Hotels / Formula 1 Hotels

10 May 2012|In Significant Matters

Nortons Inc. acted for both parties in the Tsogo Group’s acquisition, through its subsidiary, Southern Sun Hotels (Proprietary) Limited, of the 52.6% interest in Hotel Formula 1 (Proprietary) Limited, which it did not already own, from Accor SA and Premier Lodge South Africa (Proprietary) Limited. This merger involved the hotel sector.

Pearson / CTI Education Group

10 May 2012|In Significant Matters

Nortons Inc. acted for both parties in Pearson plc’s acquisition of 75% of the issued share capital in CTI Education Group (Proprietary) Limited. This merger involved the publishing and higher-education sectors.

Southern Sun Hotels / The Grace Hotel

10 May 2012|In Significant Matters

Nortons Inc. acted for both parties in the Tsogo Group’s acquisition, through its subsidiary, Southern Sun Hotel Interests (Proprietary) Limited, of the property which formerly housed The Grace Hotel, and the buildings and improvements erected thereon, situated at 54 Bath Avenue Rosebank, from Hyprop Investments Limited.

Imperial Holdings / CIC Holdings

10 May 2012|In Significant Matters

Nortons Inc. acted for both parties in Imperial Holdings Limited’s acquisition of the entire issued share capital of CIC Holdings Limited. This merger involved the logistics and merchandising sectors. Nortons Inc. filed merger notifications to both the South African and Namibian competition authorities.

Kansai / Freeworld

10 May 2012|In Significant Matters

Wall Street recognises Kansai’s acquisition of Freeworld as a “deal of the year”

Nortons Inc. represented Freeworld Coatings Limited (“Freeworld”), in the hostile takeover bid by the Japanese multinational company Kansai Paint Company Limited (“Kansai”), in proceedings before the South African competition authorities. The transaction was subsequently recognised as “deal of the year” on Wall Street, in the category for deals valued between US$100 million and US$500 million. The proposed transaction entailed Kansai acquiring the remaining shares 72.44% shares in Freeworld, which it did not already own, and thereby acquiring the remaining 72.44%, and thereby acquiring control over Freeworld. Freeworld manufactures decorative coatings, and supplies automotive coatings to original equipment manufacturers and automotive refinish coatings in South Africa. It is the only remaining local manufacturer of these products in South Africa. Kansai manufactures decorative coatings and automotive refinish coatings internationally and supplies automotive coatings to original equipment manufacturers in South Africa and abroad. Freeworld raised a number of serious competition and public interest concerns that appeared to arise as a result of the proposed transaction.
 The South African competition authorities approved the transaction subject to conditions, including the divestiture of the automotive coatings division of Freeworld, as well as the most far-reaching public interest conditions imposed on a South African merger to date. 
 Kansai appealed against the Competition Commission’s (the “Commission”) decision to approve the takeover subject to the divestiture condition.
 Nortons Inc. represented Freeworld in proceedings before the Commission.

Easigas / LPG business of Puma Energy in Botswana and Namibia

10 May 2012|In Significant Matters

Nortons Inc. acted for both parties in Easigas (Proprietary) Limited’s acquisition of the LPG business operated by Puma Energy (Namibia) (Proprietary) Limited in Namibia and Botswana. Nortons Inc. assisted with the notifications to the Botswanan and Namibian competition authorities. This merger involved the liquid petroleum gas (LPG) sector.

Aspen / African Health Network

10 May 2012|In Significant Matters

Nortons Inc. acted for both parties in Aspen Pharmacare Holdings Limited’s acquisition of 70% of the issued share capital of African Health Network (Proprietary) Limited. This merger involved the pharmaceuticals sector in South Africa and Namibia.

Telecom Namibia / Powercom

10 May 2012|In Significant Matters

Nortons Inc. acted for Powercom (Proprietary) Limited in Telecom Namibia’s acquisition of the entire issued share capital of Powercom (Proprietary) Limited. Nortons Inc. assisted with the notification to the Namibian competition authorities. This merger involved the telecommunications sector in Namibia. In addition, Nortons Inc. successfully represented Powercom in reviewing a decision of the Communications Regulator of Namibia to impose conditions on the transaction in the High Court of Windhoek.

Scaw Transaction

10 May 2012|In Significant Matters

Nortons Inc. represented various entities within the Scaw Group (including Scaw South Africa (Proprietary) Limited (“Scaw SA”) and Consolidated Wire Industries (Proprietary) Limited (“CWI”) in relation to the transaction in term of which the Industrial Development Corporation of South Africa Limited (the “IDC”) and certain of Scaw’s existing Black Economic Empowerment shareholders (“Main Street”) acquired Anglo South African Capital (Proprietary) Limited’s (“ASAC”) stake in the Scaw Group. In terms of the transaction, the IDC acquired a majority interest in Scaw SA. The transaction has been notified to competition authorities in the following jurisdictions: South Africa, Namibia, Botswana, Zimbabwe, Zambia and Brazil. The transaction is seen as an important aspect of the South African Government’s commitment to the domestic steel industry, as the Scaw Group is a vertically integrated producer of value added steel products and has, over a lengthy period, managed to develop globally recognised expertise in respect of the production of a wide range of products.