South Africa’s competition authorities have blocked a bid by Naspers to buy online vehicle group WeBuyCars amid the concern it could have led to higher used-car prices in SA.
The Competition Tribunal on Friday, March 27, confirmed it had upheld the Competition Commission’s recommendation to block the deal, without giving reasons.
With a market value of R1.1-trillion (US$62.4 billion), Naspers has grown to become one of the world’s top-10 technology investors. Locally, the business is made up of Media24 and online retailer Takealot, with international investments that include OLX and Chinese technology giant Tencent.
In May 2019, the Commission stated that Naspers’s acquisition of the local vehicle-purchasing service should be blocked as it could lead to higher used-car prices in SA, result in the removal of a potential competitor and substantially reduce competition in the car buying market.
The competition watchdog recommended to the Competition Tribunal that the deal be “prohibited.”
Full Content: Comp Trib
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI