Smorgon Steel Group Limited (SSG) and OneSteel Limited (OS) have provided the Commission with an undertaking in relation to their joint bid for Email Limited. The undertaking has been offered in response to competition concerns expressed by the Commission. The undertaking requires SSG and OS to divide certain Email assets between them and divest the remaining assets. It specifies the time period in which this must be achieved and what is to happen at the end of that time period. The undertaking also restricts the amount of information SSG and OS can share about the Email assets to be divided between them (ie OS may receive very limited information in relation to Email assets destined for SSG and vice versa), the establishment of independent management for certain Email assets and limits on the level of cooperation between the two companies in the joint bidding vehicle. It also specifies what action is required should the takeover offer result in less than total control of Email.
