Clover's R4.7bn deal gets Competition Commission nod
By Siseko Ndjobeni - Jul 22nd, 10:12
The Competition Commission has approved, with conditions, the R4.8bn sale of branded foods and beverages group Clover Industries to a consortium led by Tel Aviv-based Central Bottling Company, Clover said on Friday.
Clover’s shares surged strongly on Friday afternoon after the announcement and closed 11.9% up at R23.50.
The company said the commission had recommended that the Competition Tribunal approve the transaction, which has elicited criticism from NGO Boycott, Divestment and Sanctions (BDS) and trade union Food and Allied Workers Union (FAWU).
According to Clover, the conditions relate to, among other things, employment and local procurement “which were part of the investment case for [the consortium.]) Milco SA. The conditions applicable to the implementation of the Clover scheme are acceptable to both parties”.
The company said the tribunal’s hearing on the matter would take place in the coming weeks.
The transaction will culminate in Clover’s de-listing.Business Live
SAB close to acquiring Smirnoff drinks range
19/07/2019 - 11:27
South African Breweries (SAB) is a step closer to acquiring the Smirnoff ready-to-drink (RTD) range of products, mostly ciders, and mixes, after the Competition Commission announced the approval of the acquisition from Diageo South Africa.
More grocery stores in malls on the cards
03/06/2019 - 16:08
The Competition Commission said that it wants Pick n Pay, Woolworths, Spar, and Shoprite to stop enforcing exclusivity clauses in shopping malls they do business to allow for more competition.
Competition body criticizes exclusive long-term leases by supermarket chains
29/05/2019 - 15:01
Long-term exclusive lease agreements by SA's major supermarket chains at shopping centres are stopping new competitors from getting a foothold, the Competition Commission has found.
Clover set to return to profit in year to June
13/05/2019 - 10:15
Clover, which makes dairy-based foods and beverages, says it will return to profit in the year ending June 2019 after making its first annual loss in more than a decade in the prior year.
Competition Commission probes removal of cigarette brands from Spar
16/04/2019 - 14:32
The Competition Commission is investigating the removal of certain brands of locally-produced cigarettes from the shelves of Spar, according to the Sunday Times.