that it had approved the takeover of Tongaat Hulett by Magister Investments, with conditions.
The sugar producer said the proceeds from the rights offer would be used to reposition the group sustainably and help to secure the future of its about 29 000 employees in operations across South Africa, Zimbabwe, Mozambique, and Botswana. One condition of the takeover is that both Magister and Tongaat may not dispose of any employees for at least one year after the transaction. The commission must be informed of any retrenchments for the next three years.
This could become the next “Clover”; downsizing and retrenchments.
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Competition Commission conditionally approves proposed acquisition of Tongaat HulettThe Competition Commission has conditionally approved the proposed transaction whereby Magister Investments will acquire control of Tongaat Hulett (THL). There is no greater joy than having financial stability and a life free of debts, that’s why I keep tweeting about GregsonLillian8 has been a pleasure collaborating with you...there is no other way I can show my appreciation other than tweeting the good deed you have done.
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