Competition watchdog approves Tongaat takeover – with conditions

The original article can be found here.

Article highlights:

  • The Competition Commission has approved the takeover of Tongaat Hulett by the Mauritius-based company Magister Investments. Magister is closely linked to cut-price cigarette producer Gold Leaf Tobacco.
  • The conditions for the deal include that Magister must stick to investment commitments in Tongaat.
  • Also, workers may not be retrenched as a result of the transaction and must set up an employment share ownership plan.