Clover to delist from the JSE on Wednesday
Food and beverage group Clover will delist on Wednesday, following the competition authorities’ September approval of consortium Milco’s R4.8bn bid.
The Competition Tribunal approved the takeover of Clover by Milco consortium, which is led by Tel Aviv-based Central Bottling Company (CBC).
The tribunal, however, has put a three-year moratorium on retrenching 516 workers, instead of the two years proposed by Milco and Clover.
Clover has said it may appeal the tribunal’s decision, though it said any appeal would not affect the implementation of the merger.
Clover’s share price has risen 10.2% since the tribunal approved the merger. Clover closed at R24.82 on Wednesday, having risen 36.45% so far in 2019.
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