Thumbs up for Grindrod's Maputo terminal deal

The Competition Commission has recommended that the Competition Tribunal approve, without conditions, the acquisition by Grindrod Mauritius of Terminal de Carvão da Matola (TCM). ‘The commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market,’ it said in a statement last week, adding that there are no significant public interest concerns either. A Fin24 report notes that freight and logistics group Grindrod had announced in September that it had reached a $77m (R1.35bn at the time) deal to acquire the 35% it does not already own of the TCM, which owns a dry bulk terminal in Maputo. TCM last week announced it was temporarily suspending its operations due to the closure of Lebombo border post, but lifted this a day later. ‘TCM's long-term sub-concession is a strategic asset enabling Grindrod to provide cost-effective and efficient integrated logistics solutions for its customers' cargo flows,’ the company said then.