- February 15, 2011
- Posted by: admin
- Category: Tsogo Sun Holdings
THE South African anti-trust watchdog has ruled that Gold Reef will not have to sell a major asset to win approval for a $2,2 billion merger.
Gold Reef Resorts has interests in various casinos, including Golden Horse Casino in Pietermaritzburg.
Gold Reef is due to merge with rival Tsogo Sun, which is owned by brewer SABMiller and South African conglomerate Hosken Consolidated Investments. SA’s anti-trust investigator recommended that Gold Reef sell its Silverstar Casino ahead of the deal, butthe Competition Tribunal has now granted the deal unconditional approval.
The all-share deal will create one of the biggest casino groups in Africa with Hosken Consolidated, or HCI owning 41,1% , SABMiller 397% and Gold Reef 19%.
Source: The Witness – Reuters