SPII Talk Newsletter, 1st Quarter, March 2014
The preamble to the South African Competition Act, No 89 of 1998 (“the Act”) stipulates that the economy “must be open to greater ownership by a greater number of South Africans” and that a development-focused competitive environment which balances the interests of workers, owners and consumers will benefit all South Africans. In this context the specific provisions of the Act seek to restrain particular trading practices which undermine the attainment of these goals by assessing and preventing mergers and acquisitions which substantially prevent or lessen competition, and prosecuting firms that seek to abuse positions of market power to the detriment of competition and therefore also of consumers. Ultimately, competition policy is about promoting market access and economic participation, economic efficiency, and consumer welfare.
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