The Competition Tribunal has fined South African-based conglomerate Steinhoff International for failing to notify the commission of a merger.
A settlement has been agreed between the Competition Commission and Steinhoff International, Loungefoam, Feltex Holdings, Kap Raw Materials and Kap Industrial Holdings for non-notification of a merger, with the companies agreeing to pay a fine of R1.75m (£81,112.50) for failure to notify the commission of a merger prior to its implementation.
Steinhoff acquired sole control of Loungefoam back in 2003, buying 47.5% of the business, which was deemed as a merger by the commission, but wasn’t given notice of the deal.
The report stated that the fine was negotiated between the parties involved and was not based on annual turnovers and brings an end to the complaint first made by the commission back in September 2007.
Steinhoff International is a retail holding company, with UK brands Harveys and Bensons for Beds, and operates in Europe, Africa and Australasia.