CBH needs new takeover ap­proval

Business Day - - FRONT PAGE - /Ann Crotty

A re­newed hos­tile bid for Sov­er­eign Foods by Coun­try Bird Hold­ings was made a lit­tle more dif­fi­cult on Wed­nes­day, when the Com­pe­ti­tion Tri­bunal ruled that the com­mis­sion’s pre­vi­ous ap­proval for the trans­ac­tion was set aside. This means CBH will have to no­tify the com­mis­sion and get ap­proval for the deal. On Thurs­day, the share price of Sov­er­eign Foods re­mained un­changed at R11.75 fol­low­ing news of the tri­bunal’s rul­ing and re­ports that Sov­er­eign had de­tected avian flu at one of its Uiten­hage op­er­a­tions.

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