Competition watchdog approves SAA, Takatso deal - but bars minority shareholders, retrenchments | Business

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The Competition Tribunal has approved Takatso Aviation's proposed acquisition of a 51% stake in the South African Airways, but given conditions, including a moratorium on retrenchments, as well as a sale of the stake of minority shareholders.

These minority shareholders have already indicated they are willing to sell, but have expressed regret at the need to do so.In terms of the Takatso deal, the consortium would obtain 51% of SAA's shares and provide the airline with a capital injection of R3 billion over two years. The Department of Public Enterprises , as government's shareholder representative, would keep 49%.

Takatso consists of infrastructure investment firm Harith , Global Aviation , and Syranix . The consortium will only take the helm at SAA once the deal is finalised. It has also indicated that it will not take on any of SAA's remaining legacy debt - which stands at about R1.5 billion.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features.

 

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