HILARY JOFFE: It’s a puzzle why competition authorities prevent investments and mergers

There’s no question that regulatory hurdles deter foreign investors from buying into SA companies

For any foreign or domestic companies wanting to do mergers & acquisitions (M&A) in SA the events of the past couple of weeks have been a disturbing reminder of the perils of dealing with the competition authorities.

Good competition regulators treat mergers as inherently urgent. The world changes, companies change, stock market prices change. A deal that was attractive two or three years ago may no longer be so now. But SA’s competition process is anything but urgent. And the outcomes are wildly unpredictable…

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