21 October 2020

Type of matter

Parties involved

Commission’s recommendation to the Tribunal

Tribunal Decision

Large merger

Grindrod Property Holdings And various rental enterprises belonging to respective wholly-owned subsidiaries of SA Corporate Real Estate

Approve without conditions

Approved without conditions

Large merger

Isuzu Motors Limited And UD Trucks Corporation (Japan)

Approve without conditions

Approved without conditions


Tribunal approves property merger unconditionally: Grindrod Property Holdings to acquire SACREL rental enterprises as going concern


The Tribunal has approved, without conditions, the proposed large merger whereby Grindrod Property Holdings Limited (“Grindrod Property Holdings”) will acquire the rental enterprises of wholly owned subsidiaries of SA Corporate Real Estate Limited (“SACREL”).


Through Grindrod Property Holdings, the acquiring group is a property holding and property management company for the Grindrod Group of companies. Grindrod Property Holdings does not lease or rent property to external parties.


The target firms are the businesses of wholly owned subsidiaries of SACREL. Each of the subsidiaries operate rental enterprises in respect of the leasehold properties located in Maydon Wharf industrial area and surrounding industrial areas in Durban.


The Competition Commission (the Commission), which assesses large mergers before referring them to the Tribunal for a decision, was of the view that the proposed transaction does not result in a substantial lessening or prevention of competition in the market under consideration or raise any significant public interest concerns. The Commission therefore recommended approval without conditions.



Tribunal approves merger whereby Isuzu acquires UD Trucks


The Tribunal has unconditionally approved the proposed transaction whereby Isuzu Motors Limited (“Isuzu”) will acquire UD Trucks Corporation (Japan) ("UD Trucks"). The transaction does not raise any competition or public interest concerns. 


Isuzu is a public company and UD Trucks is a private company, both incorporated under the laws of Japan.


In South Africa, Isuzu operates through its wholly owned subsidiary, Isuzu Motors South Africa (Pty) Ltd. Isuzu is headquartered in Japan, listed on the Tokyo Stock Exchange and sells its vehicles and engines worldwide. It manufactures the following: heavy, medium and light-duty commercial vehicles; buses; commercial vehicle engines; and industrial-use diesel engines.


UD Trucks is involved in the manufacturing and sale of commercial vehicles, buses, bus chassis and special-purpose vehicles. The UD Trucks business in South Africa is currently operated by UD Trucks South Africa (the “UD Division”), a division of Volvo Group Southern Africa Proprietary Limited (“Volvo Group SA”). Volvo Group SA is a subsidiary of AB Volvo – a Swedish, public company and the holder of all UD Trucks’ issued share capital.


UD Trucks SA was established in anticipation of the proposed transaction and the UD Division is to be transferred to UD Trucks SA as part of the proposed transaction. Post-merger, Isuzu will acquire UD Trucks SA which will in turn operate the UD Trucks business in South Africa which comprises a heavy- and medium-duty commercial vehicle assembly plant in Rosslyn, Pretoria. The UD Division mainly supplies commercial vehicles to independent third-party dealerships, directly to businesses (for their transport fleets) and participates in some government tenders.


The Commission’s investigation looked into the businesses of the merger parties and found that, in the segmented markets in which the merger parties operate, they are not close competitors, leading to the conclusion that the proposed transaction will not result in anti-competitive, unilateral effects on the relevant markets.


Issued by:

Gillian de Gouveia, Communications Officer

On behalf of the Competition Tribunal of South Africa
Tel: +27 (0) 12 394 1383
Cell: +27 (0) 82 410 1195
E-Mail: GillianD@comptrib.co.za
Twitter: @comptrib

Back to Press Releases