Clover and Nestlé SA unveil new entity
Fin24 - Mar 4th 2013, 07:47
Johannesburg - Clover Industries [JSE:CLR] and Nestlé SA on Friday announced the formation of the new entity‚ called Clover Waters.
The new entity, which is subject to the fulfilment of various conditions including Competition Commission approval, will obtain a licence to manufacture‚ distribute‚ market and sell bottled mineral water under Nestlé’s Pure Life‚ Valvita and Schoonspruit brands as well as iced tea under the Nestea brand.
Clover and Nestlé 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 approved‚ the purchase consideration of R58m will be settled through the issue of 30% of the shares in Clover Waters to Nestlé.
Post-transaction‚ Clover SA will hold 70% of Clover Waters and Nestlé 30%.
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