Clover and NestlĂ© SA unveil new entity
Fin24 - Mar 4th, 07:47
Johannesburg - Clover Industries [JSE:CLR] and NestlĂ© SA on Friday announced the formation of the new entityâ€š called Clover Waters.
The new entity, which is subject to the fulfilment of various conditions including Competition Commission approval, will obtain a licence to manufactureâ€š distributeâ€š market and sell bottled mineral water under NestlĂ©â€™s Pure Lifeâ€š Valvita and Schoonspruit brands as well as iced tea under the Nestea brand.
Clover and NestlĂ© believe that the transaction will unlock growth and shareholder value by providing a broader platform to grow their position in the supply of bottled mineral water and iced tea.
Once approvedâ€š the purchase consideration of R58m will be settled through the issue of 30% of the shares in Clover Waters to NestlĂ©.
Post-transactionâ€š Clover SA will hold 70% of Clover Waters and NestlĂ© 30%.
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