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Just when you thought the cost of mergers & acquisitions couldn’t get much steeper, Distell has unveiled a new service provider feeding at this particular corporate trough.

They are referred to as the “commercial advisers” in the recently released shareholder circular outlining Heineken’s proposed R40.1bn takeover, and their fee adds a hefty R23.1m to the already steep R105.4m of transaction expenses. That additional 22%, taking the full price tag to R128.5m, is going to Boston Consulting Group (BCG) and “independent consultants”...

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