COMPETITION DECISION
Italtile gets deadline for elusive Ceramic deal
Italtile and its shareholders will know by September 30 whether a planned acquisition of Ceramic, for a consideration of R3.61bn, will get the go-ahead from competition authorities. The possible tie-up, which was announced in April 2016, has met a number of obstacles. The Competition Commission prohibited the acquisition in October 2016. The group then filed a request for consideration with the Competition Tribunal. The matter, which was meant to be heard in March was heard only in July. The dates were beyond the fulfilment date of June 30 2017 as stipulated in the binding offer and implementation agreement. Italtile said it had therefore requested and obtained a further extension from Ceramic, with the new fulfilment date set as September 30 2017. "Italtile remains optimistic of a favourable outcome in terms of obtaining the required approvals from the competition authorities to proceed with the acquisition," the company said on Tuesday. "Shareholders will be apprised of the detail...
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