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The Competition Commission has approved, with conditions, the R4.8bn sale of branded foods and beverages group Clover Industries to a consortium led by Tel Aviv-based Central Bottling Company, Clover said on Friday.
Clover’s shares surged strongly on Friday afternoon after the announcement and closed 11.9% up at R23.50.
The company said the commission had recommended that the Competition Tribunal approve the transaction, which has elicited criticism from NGO Boycott, Divestment and Sanctions (BDS) and trade union Food and Allied Workers Union (FAWU).
According to Clover, the conditions relate to, among other things, employment and local procurement “which were part of the investment case for [the consortium.]) Milco SA. The conditions applicable to the implementation of the Clover scheme are acceptable to both parties”.
The company said the tribunal’s hearing on the matter would take place in the coming weeks.
The transaction will culminate in Clover’s de-listing.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.