Foreign takeover bids that are deemed to be a threat to national security will be at risk of being blocked by a presidential committee, in terms of new competition rules that parliament will debate on Tuesday. This is one of a series of far-reaching changes to South Africa's 20-year-old competition legislation which Economic Development Minister Ebrahim Patel has tabled in parliament. They will also give the competition authorities powers to tackle the high levels of concentration in South Africa's economy, where many sectors are dominated by just a few large companies. "There is a much stronger focus on economic inclusion, and we have brought small and medium enterprises much more directly into the objectives and purpose of the act," Patel told Business Times. Though questions have been raised about whether the draft legislation, particularly the national security provisions, will add to the hurdles deterring foreign investors from investing in South Africa, Patel said the country ...
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