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South Africa's Competition Tribunal prohibited the proposed intermediate merger between Corruseal Group and Neopak Holdings, a decision reported on March 2, 2023 and issued the day before. The Commission said the merger would increase concentration in an already highly concentrated recycled containerboard market.
South Africa's Competition Tribunal prohibited the proposed merger between packaging companies Corruseal Group and Neopak Holdings under the Competition Act. The Competition Commission welcomed the decision on 23 February 2023.
South Africa's Competition Tribunal granted Mpact leave to intervene in the consideration of the intermediate merger between Corruseal Group and Neopak Holdings, both recycled containerboard and corrugated packaging businesses. The order limits Mpact's participation to specified theories of harm.
The Competition Commission of South Africa prohibited the proposed acquisition of Neopak Limited by Corruseal Group, finding it would substantially lessen competition in recycled containerboard supply. Ethos Private Equity had agreed to sell Neopak in December 2021 for an undisclosed sum.
Ethos Fund VI agreed to sell 100% of paper and packaging business Neopak Holdings to South African Corruseal Group for an undisclosed sum. Neopak has annual revenue of about R1.1bn and operates a paper mill in Rosslyn, Pretoria.
