September 25, 2019 / 12:25 PM / 2 months ago

S.African tribunal clears Milco's buyout of dairy firm Clover

Sept 25 (Reuters) - South Africa’s Competition Tribunal on Wednesday approved dairy firm Clover Industries Ltd’s takeover by Milco SA, a consortium headed by Israeli beverage firm Central Bottling Company (CBC), for 4.8 billion rand ($319.5 million).

The tribunal cleared the deal subject to a range of conditions on employment, local procurement of bulk juice concentrate and information sharing.

The companies have agreed to lower the number of planned job cuts to a maximum of 277 jobs from the original 516, the tribunal said bit.ly/2mzbTC8.

Shares in Clover, which processes products including yoghurt and olive oil, were up 2.62% at 23.11 rand.

The approval comes months after Brimstone Investment Corp pulled out of the deal amid opposition from an anti-Israel group.

$1 = 15.03 rand Reporting by Tanishaa Nadkar in Bengaluru; Editing by Maju Samuel

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