Competition Tribunal gives Absa, Société Générale deal the nod

The Competition Tribunal has approved, without conditions, a large merger that will see Absa acquiring target assets from Société Générale.

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The Competition Commission had recommended that the Tribunal approve the deal without conditions, Fin24 previously reported.

"The Tribunal has approved a large merger, without conditions, whereby Absa Bank Ltd (Absa) seeks to acquire Société Générale SA (SocGen) Johannesburg branch in respect of target assets," the Tribunal said on Wednesday evening.

"In its assessment of the proposed merger, the Commission was of the view that the proposed transaction is unlikely to substantially prevent or lessen competition in any relevant market."