If there is one thing a large chunk of investors would be unhappy about in Heineken’s more than R40bn takeover offer for Distell, it is that another highly liquid blue-chip stock would leave the JSE.

Other than that, the transaction is strategically sound for Remgro, the Johann Rupert-controlled investment heavyweight that is under increasing pressure from shareholders to narrow the valuation gap between its stock and the sum of its parts, and the Dutch brewer working to branch out into beverages that are not beer.  ..

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