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MUR - Murray & Roberts - Competition Commission Ruling On Sector Merger

Release Date: 16/01/2009 12:18
Code(s): MUR
Wrap Text

MUR - Murray & Roberts - Competition Commission Ruling On Sector Merger MURRAY & ROBERTS HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration number 1948/029826/06 JSE Share Code: MUR ISIN Code: ZAE000073441 ("Murray & Roberts" or "Group") COMPETITION COMMISSION RULING ON SECTOR MERGER Shareholders are advised that the Competition Commission ("Commission") has prohibited a proposed merger by Murray & Roberts subsidiary Much Asphalt (Pty) Ltd ("Much") with a small asphalt producer in the Tshwane area. While the merger would result in an increase of only 5% in production output by Much, it would establish Much in a market it cannot serve effectively from its current established locations. The Group holds the view that this will increase competition in that market. The Group intends to contest the reasons given by the Commission in reaching its decision and the inference of an uncompetitive asphalt supply market. The decision by Much to pursue the merger with the smaller but established and well located target producer was driven by the latter`s capacity and quality of product challenges relative to project demand and the transport costs of bulk materials over extended delivery distances. Much offers best-in-class noise and atmospheric pollution abatement and product technology, national aggregate and bitumen sourcing capability and its BBBEE Codes of Good Practice Category 3 procurement rating. Bedfordview 16 January 2009 Sponsor: Deutsche Securities (SA) (Pty) Ltd Date: 16/01/2009 12:18:02 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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