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The market is nervously considering the implications of empowerment company Brimstone’s decision to review its role in the much-awaited takeover of local dairy giant Clover. Last week Israel-based Central Bottling Company (CBC), owner of a wide range of beverage brands, pitched a R4.8bn takeover deal for Clover via the newly formed Milco consortium. Milco breaks down into lead investor International Beer Breweries (IBB), with Sub-Saharan food and beverages specialist IncuBev and Ploughshare Investments as junior partners (with stakes of 8.3% and 10.9% respectively). IBB is a subsidiary of CBC which, though Israel-based, has operations in Turkey, Romania, and Uzbekistan. International franchisers include The Coca-Cola Company, Carlsberg, AB InBev, the Müller Group and Diageo. Brimstone (with a 15% stake) and Clover’s management team (with a 6.3% stake) were also named as participants in the deal. On paper, Brimstone’s concerted effort to build a food-brands hub — with existing invest...

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