Johannesburg – Singapore-based commodity trading firm Trafigura has completed the acquisition of Puma Energy from Angolan state oil firm Sonangol for $600-million (R8.4-billion).
Puma Energy’s activities in South Africa include the distribution of refined petroleum products including petrol, diesel, kerosene and aviation fuel.
The company also operates a network of fuel stations in the country. The deal was given the nod by South Africa’s competition watchdog.
Gillian de Gouveia, the spokesperson of the Competition Tribunal of South Africa, said the tribunal has unconditionally approved the large merger.
“After assessing the proposed transaction, the tribunal concluded that the merger is unlikely to substantially lessen or prevent competition in any relevant market in South Africa.
“There is no horizontal overlap between the business activities of Trafigura and Puma Energy in South Africa and in the vertically affected markets the merger parties’ markets shares are relatively low,” De Gouveia said.
“In addition, the merger does not raise any public interest concerns. The tribunal has, therefore, approved the transaction without conditions.”
Trafigura already owns an existing shareholder within Puma Energy with a 55.5% non-controlling stake. The latest deal will see it control more than 90% of Puma Energy.
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