CBH needs new takeover approval

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.