Clover deal with Milco delayed
The listed dairy company says it will announce new dates in due course
Consortium Milco’s acquisition of listed foods and beverages group Clover Industries has been delayed and will no longer be finalised by Friday next week as previously anticipated, Clover said on Friday. The deal, announced in February, will see the consortium, led by Tel Aviv-based Central Bottling Company, acquire the entire issued share capital of Clover for R25 per share. However, investment company Brimstone caved in to pressure from pro-Palestine activist group Boycott Divestment Sanctions South Africa and exited the consortium. Brimstone is currently in negotiations with a potential replacement black economic empowerment (BEE) investor to take up its 15% in the consortium. Brimstone said earlier in April that it had sealed an agreement with MilCo and International Beer Breweries Limited (IBBL), a subsidiary of CBC, “to facilitate Brimstone’s exit from its participation in the Clover transaction”. IBBL had agreed to acquire Brimstone’s interest in Milco on December 31 if by...
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