The Competition Tribunal has approved the Public Investment Corporation’s (PIC) acquisition of Anheuser-Busch InBev’s 26.5% stake in Distell but no details of the price have been made public. In mid-December, the PIC emerged as the unexpected buyer of the Distell stake. Remgro, which had a pre-emptive right to take up the shares, is thought to have walked away from the deal rather than get into a bidding war with the PIC. The tribunal said on Wednesday the confidential conditions were part of the conditions that were agreed to when AB InBev acquired SABMiller. The tribunal — and not the Competition Commission — imposed the condition that ABInBev sell off the 26.4% stake SABMiller held in Distell. Although Remgro had a pre-emptive right to take up the stake, in terms of the tribunal’s condition, if Remgro did not acquire it, a BEE party was the preferred bidder. "As there were no BEE bidders, [the Government Employees Pension Fund, through the PIC] purchased the share and will now se...
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