The fate of Heineken’s proposed takeover of Stellenbosch-based liquor company Distell is still in the hands of the competition authorities.

Distell’s share price — about R172 at the time of writing in mid-April — has shifted closer to the effective R180 a share buyout offer pitched by Heineken. That suggests the market is assuming the deal won’t face any serious competition hurdles, though we have seen some surprising rulings of late...