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SOL - Sasol Limited - Competition Tribunal confirms the settlement agreement
between Sasol Nitro and Competition Commission
Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
ISIN: ZAE000006896 US8038663006
Share codes: JSE - SOL NYSE - SSL
("Sasol")
Competition Tribunal confirms the settlement agreement between Sasol Nitro and
Competition Commission
Subsequent to the confirmation hearing held on 14 July 2010, the Competition
Tribunal today confirmed the settlement agreement between the Competition
Commission of South Africa and Sasol Nitro, a division of Sasol Chemical
Industries Limited, relating to allegations of abuse of dominance in its
fertiliser businesses.
In terms of the confirmed settlement Sasol Nitro will restructure its fertiliser
business as outlined in the announcement of the settlement agreement of 5 July
2010. No finding was made relating to abuse of dominance and accordingly no
administrative penalty was sought. Nevertheless, Sasol believes the
restructuring will address the Commission`s concerns regarding its position
within the nitrogen based fertiliser value chain.
Sasol Nitro will withdraw from certain downstream activities with increased
focus on the core activities of its fertiliser business.
The confirmed settlement agreement has the effect of a full and final settlement
of the alleged contraventions of excessive pricing and exclusionary practices,
which are the subject of the Nutri-Flo and Profert referrals.
"This settlement agreement will bring about significant changes within Sasol
Nitro and is likely to further enhance competition in the downstream fertiliser
market while introducing more downstream players", Marius Brand, managing
director of Sasol Nitro, said.
"Work has already begun to enable the delivery of these undertakings in a
structured and orderly manner and, in the interest of our business, our people
and our customers, we will work to deliver these undertakings in a timely and
responsible manner", Brand said.
The confirmed settlement agreement, together with the changes to the Sasol Nitro
business, will not have a material adverse financial impact on the Sasol Group.
20 July 2010
Johannesburg
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited
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Date: 20/07/2010 17:32:03 Supplied by www.sharenet.co.za
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