EDITORIAL: Why the change of mind over Burger King?
Why did the Competition Commission make its earlier decision, and why has it now overturned it?
It’s hard to understand why the Competition Commission blocked the sale of the Burger King franchise to a US private equity firm in the first place. It’s even harder to discern why it changed its mind, though the consequences are positive, with black empowerment shareholders likely to get about R500m.
The commission had prohibited the purchase on public interest grounds, the first time it has done so in any proposed transaction, though it has enforced requirements such as saving jobs and empowering workers before, as was the case in 2020 when US retail giant Walmart bought Massmart...