Clover’s suitor sees growth in townships and exports
CBC wants to double the number of retailers the branded foods and beverages group reaches
Israel-based Central Bottling Company (CBC), the leader of the consortium that has dangled a R4.8bn offer for Clover, plans to make townships and export markets the focus of the branded foods and beverages group’s future growth. A consortium made up of international and local investors has offered to buy Clover for R25 a share, which represents a 25% premium on Friday’s closing price of R20 a share. The deal is going to culminate in the delisting of the producer of Tropika, Clover Krush and Milo from the JSE and the Namibian Stock Exchange. Milco, a new company established by a consortium of international investors, JSE-listed and black-controlled investment company Brimstone Investment Corporation and Clover management, said on Monday it had secured support from a number of Clover’s major shareholders, who collectively own 49% of the company. CBC International chief of staff Richard Izsak said CBC was attracted by Clover’s array of established brands and infrastructure. “We were ex...
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