It’s a three-horse race for struggling sugar business Tongaat Hulett, as a Mozambican group makes a R6bn bid, almost double that of the preferred buyer whose selection has been clouded in controversy. 

In September, family-owned RGS Group presented its offer to Tongaat’s lenders and business rescue practitioners (BRPs) as it believes it can turn around the ailing business on which more than 25,000 people rely for their livelihoods...

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