H4-KH27-B n below the following has been assumed Assumption Helical gear boxes H4

Flender/Flender Gear Units/Helical gear boxes H4

ion, found that the Carlyle does not hold controlling interest in any firm that offers services that may be interchangeable with or act as substitute for the services offered by Flender . Rather, the transaction presents the Carlyle Group with an opportunity to diversify its investment portfolio into the sector of mechanical and electrical technology. [1] There are therefore no horizontal overlaps in the merging parties activities as the Carlyle Group is not active in the manufactur and supply of mechanical and electrical products globally , including in South Africa. Vertical analysis [1] The Commission found there to be no vertical overlap between the merging parties activities as they do not participate at different lev els of the same supply chain. [1] The Commission, however, noted the existence of vertical relationship between the merging parties in in relation to Flenders upstream activities in the manufacture and supply of industrial gears and couplings and the downstream activities of one of Carlyles portfolio companie , The supply relationship between the merging parties relates to 5 [1] The Commission found that does not have manufacturing facilities in South Africa and its revenues originate from which are unaffected, from product or geographic perspective, by the specific supply relationship of between and Flender in The Commissions conclusion on this point was therefore that the transaction raises no vertical concerns in South Africa. [1] Based on the above, the Commission found that this merger is unlikely to substantially prevent or lessen competition in any market. Public Interest [1] The merging parties confirmed that no retrenchments will arise in South Africa as result of the transaction. The Commission also contacted employee representatives of Flender SA and of Carlyle . No concerns were raised by the National Union of Metalworkers of South Africa (NUMSA) and Solidarity ,