One of the authorizations necessary for this takeover has been obtained, that of the Competition Council, which announced it this Friday, June 28, 2024.
June 28, 2024 at 10:16 a.m.
Modified June 28, 2024 at 10:18 a.m.
One of the authorizations necessary for this takeover has been obtained, that of the Competition Council, which announced it this Friday, June 28, 2024.
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The competition council has given its authorization to the merger between the Saham group and Société Générale Marocaine des banks.
The decision was taken by the Regulator following a meeting of its standing committee held on 24 June 2024.
The validated merger in question covers two concentration operations:
-The taking by the company “Saham Finances SA” of exclusive control of the “Société Générale Marocaine de Banques SA” through the acquisition of 57.67% of its share capital and the associated voting rights;
-The acquisition of exclusive control by the company “Saham Horizon SA” of the company “La Marocaine Vie SA” through the acquisition of 50.98% of its share capital and its voting rights.
The parties are awaiting the approval of other regulators, this time sectoral, before definitively consummating the merger. The file was notably submitted to Bank Al-Maghrib, which must decide whether or not to grant “approval”. The intervention of ACAPS is also requested on the insurance aspect of the operation.
Saham / Société Générale Maroc: the mandatory passage through the Competition Council box
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A. E. H.
June 28, 2024 at 10:16 a.m.
Modified June 28, 2024 at 10:18 a.m.
