Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
The Competition Commission has approved, with conditions, the R4.8bn sale of branded foods and beverages group Clover Industries to a consortium led by Tel Aviv-based Central Bottling Company, Clover said on Friday.
Clover’s shares surged strongly on Friday afternoon after the announcement and closed 11.9% up at R23.50.
The company said the commission had recommended that the Competition Tribunal approve the transaction, which has elicited criticism from NGO Boycott, Divestment and Sanctions (BDS) and trade union Food and Allied Workers Union (FAWU).
According to Clover, the conditions relate to, among other things, employment and local procurement “which were part of the investment case for [the consortium.]) Milco SA. The conditions applicable to the implementation of the Clover scheme are acceptable to both parties”.
The company said the tribunal’s hearing on the matter would take place in the coming weeks.
The transaction will culminate in Clover’s de-listing.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Clover’s R4.8bn deal gets Competition Commission nod
The Competition Commission has approved, with conditions, the R4.8bn sale of branded foods and beverages group Clover Industries to a consortium led by Tel Aviv-based Central Bottling Company, Clover said on Friday.
Clover’s shares surged strongly on Friday afternoon after the announcement and closed 11.9% up at R23.50.
The company said the commission had recommended that the Competition Tribunal approve the transaction, which has elicited criticism from NGO Boycott, Divestment and Sanctions (BDS) and trade union Food and Allied Workers Union (FAWU).
According to Clover, the conditions relate to, among other things, employment and local procurement “which were part of the investment case for [the consortium.]) Milco SA. The conditions applicable to the implementation of the Clover scheme are acceptable to both parties”.
The company said the tribunal’s hearing on the matter would take place in the coming weeks.
The transaction will culminate in Clover’s de-listing.
njobenis@businesslive.co.za
MARC HASENFUSS: When emotions run high
EDITORIAL: Public interest issues are pivotal to Clover deal
Brimstone’s next move after finally walking away from Clover deal
Companies in this Story
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
Clover set to return to profit in year to June
Clover deal with Milco delayed
EDITORIAL: Public interest issues are pivotal to Clover deal
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.