Shares in Grand Parade Investments crashed the most in more than a year the day after the competition watchdog rejected its R500m sale of the Burger King SA franchise to a US private equity outfit — the first cross-border deal rejected on public interest grounds in SA.

In a decision that drew sharp criticism from investors, the Competition Commission, whose primary goal is to scrutinise antitrust issues in mergers, turned down a proposed deal between one of the pioneering BEE firms and Emerging Capital Partners (ECP), saying the transaction would result in black ownership in the fast-food chain being slashed from nearly three-quarters to zero...

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