Also: Evanstan Investments buys Tongaat Hulett shares and Tiso Blackstar Group sells Gallo Music.
The $1.7 billion (R26 billion) purchase of local food company Pioneer Foods by US giant PepsiCo has been given the go-ahead by South Africa’s Competition Tribunal.
PepsiCo’s July offer of R110 a share, was more than 50 percent of the value of Pioneer Foods’ shares in the month preceding the offer. The issue of voting rights by South African employees took centre stage when the companies and the Department of Trade and Industry argued for the approval of the merger before the Tribunal on Thursday.
Read more here.
Dimension Data has remodelled its business, which will see four of its companies come back in the fold to operate under one name – Dimension Data.
Dimension Data will be uniting the businesses of Systems Integration, Internet Solutions, Britehouse and ContinuitySA into a diverse company.
Read more here.
Little-known Evanstan Investments has emerged as one of Tongaat Hulett’s largest shareholders after it bought 5.18 percent of the agri-processing company’s total issued shares.
Read more here.
Tiso Blackstar Group has sold its entire stake in Gallo Music for R75 million to Lebashe Investment Group’s Arena Holdings as of 10 March.
In 2019, Lebashe, which bought Tiso Blackstar’s media assets for R1.05 billion, was granted a right of first refusal if the company elects to sell its interest in Gallo.
Read more here.
Sibanye-Stillwater along with Impala Platinum (Implats) and chemical company BASF has successfully developed a new tri-metal auto catalyst allowing the partial substitution of palladium with platinum.
The research by BASF, which was funded by Sibanye and Implats, had successfully developed and tested the catalyst that would enable higher-priced palladium to be partially replaced with lower-priced platinum in light-duty gasoline vehicles.
Read more here.
Assore will buy out minority shareholders and delist from the Johannesburg Stock Exchange (JSE) after 70 years on the bourse. The company has decided to delist for the sake of institutional shareholders who cannot easily trade shares because of its low liquidity.
Read more here.
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