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South Africa: Commission wants IDC to honor merger conditions

By  |  October 3, 2012
South Africa: Commission wants IDC to honor merger conditions

Competition Commission accused the Industrial Development Corporation (IDC) of trying to wriggle out of firm commitments the development financier, during the merger investigations into its acquisition of Anglo American’s steel and Scaw SA & Consolidated Wire Industries. The IDC intends to acquire a majority interest in Scaw as well as Mittal’s interest in Consolidated Wire Industries. Scaw is involved in the upstream steel market, while Consolidated Wire Industries is a player in the downstream market.

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