Business

COMESA handles 140 mergers

Nakonde-border

KELLY NJOMBO, Livingstone
THE Common Market for Eastern and Southern Africa Competition Commission (CCC) has handled a total number of 140 mergers and acquisition representing over US$46 billion turnover derived by the undertakings in the common market since inception.

CCC head of mergers and acquisitions Willard Mwemba said the commission has also received close to US$13 million in merger notification fees of which 50 percent is shared among member states.

Mr Mwemba was speaking during the fourth CCC regional sensitisation workshop for business reporters on provisions and application on COMESA competition regulations and trade developments within the common market.
“The commission has since inception handled more than 140 mergers and acquisitions. The turnover we have been talking about represents about US$46.5 billion in the common market and these are mergers meeting a certain threshold that should be notified to us,” Mr Mwemba said.
He said in 12 transactions, the commission attached conditions to the merger approval to remedy competition concerns which were likely to arise post-merger.
Mr Mwemba said the construction sector had seen more mergers followed by energy, insurance and banking.
Other sectors were financial services, Information and Communications Technology (ICT) and telecommunications.

 

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