JSE-listed Remgro is positive South Africa’s competition authorities will give the prosed merger deal between its Community Investment Ventures Holdings and Vodacom the green light.In a statement, the company says while the 2023 calendar year saw the completion of transformative corporate actions for Remgro, the group remains intensely focused on achieving a favourable outcome on the proposed transaction between Vodacom and CIVH.
This, after the competition watchdog found the proposed deal will likely prevent or lessen competition in several markets and that the conditions offered by the merging parties do not fully address the resultant harm to competition. Under the deal, Vodacom is looking to acquire a 30% stake in the newly-created Maziv, with an option to increase the stake by 10%.
A commitment to create up to 10 000 new jobs, while at the same time providing job security and enhanced benefits for current employees potentially impacted by the transaction.
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