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Proposed Sun International merger removed from roll

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Johannesburg - Sun International (Sisa) and Maxshell 114 Investment - the ultimate controlling shareholder of Peermont Global - informed the Competition Tribunal on Tuesday at a pre-hearing that there was uncertainty concerning a proposed merger.

The proposed merger would have seen hotel and casino group Sun International acquire the entire shareholding of Maxshell and Peermont become a wholly-owned subsidiary of Sisa. Peermont is a hotel and casino operator and controls seven casinos in SA.

The merger was prohibited by the Competition Commission, which found, among other things, that the transaction would prohibit competition in the central Gauteng market and that "there could be coordination of behaviour to the detriment of consumers". It did not accept the so-called “behavioural remedies” submitted by the parties.

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