More than two months after announcing a decision to reconsider its participation in the consortium eyeing Clover, investment firm Brimstone on Friday confirmed its exit from the R4.8bn deal. Brimstone’s exit ends suspense about the fate of the deal, which will see a grouping of companies — led by Israeli firm Central Bottling Company (CBC) — acquire Clover’s shares for R25 each. The move has opened the door for an unnamed black economic empowerment (BEE) company to acquire Brimstone’s 15% interest in the consortium. Brimstone said on Friday it was in “advanced” negotiations with a potential BEE shareholder which could take up its R726m stake in the deal by December 31 2019. Days after the announcement of the transaction in February, the black-owned and managed company said it would review its participation in the deal, bowing to pressure from Palestine solidarity organisation BDS SA and trade union Food and Allied Workers’ Union (Fawu). The two organisations slammed the participati...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now