The R2.1bn deal was first announced in May last year, but was shot down by antitrust authorities in January.

South African gaming and hotel group Tsogo Sun Holdings has scrapped plans to buy a minority stake in two casinos owned by Sun International , the companies said after the markets had closed on Friday.

The R2.1 billion deal was first announced in May last year, but was shot down by antitrust authorities in January.

Tsogo Sun, a unit of Grand Parade Investments, said at the time that it would challenge the decision.

With South Africa’s Competition Tribunal yet to hear the appeal, Tsogo Sun and Sun International said that even if approved the purchase could not be implemented before a revised deadline of 31 August this year and the deal was no longer commercially appealing.

Source: Moneyweb