Metmar, Traxys deal gets Competition Commission nod
JOHANNESBURG (miningweekly.com) – The Competition Commission on Thursday gave the green light for the R294-million play by Luxembourg-headquartered Traxys for JSE-listed Metmar.
Physical commodity trader and metals and natural resources merchant Traxys aimed to buy 100% of the African diversified commodities trader for R1.10 a share.
The commission recommended to the Competition Tribunal that the large merger be approved without conditions.
Metmar’s shares on the JSE rose more than 4% to 94c by late Thursday afternoon.
Following the buy-out announcement in May, the parties said the acquisition would ensure improved diversification and access to international markets for Metmar, as well as access to committed and uncommitted facilities in a variety of major currencies.
It would also widen Metmar’s funding pool, reduce the cost of funding through economies of scale and facilitate access to private equity funding.
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