The Competition Tribunal has conditionally approved the merger comprising a series of inter-related steps which will consequently confer Remgro International Holdings (RIH) with sole control of Capevin and, ultimately, Distell. RIH is wholly-owned by Remgro Ltd.
The merger will see the creation of a new entity controlled by Remgro Beverages Pty (Ltd.) and was approved subject to conditions that are transactional in nature and are confidential.
Remgro, an investment holding company, holds interest in companies that operate across industries including banking, healthcare, industrial, infrastructure, media, sport, food and home care. Remgro’s interest in the liquor market was through its indirect shareholding in Remgro Capevin Investments that holds shares in Distell.
Distell is a leading producer and marketer of wines, spirits, ciders and other ready-to-drink beverages.
The Tribunal previously approved the Public Investment Corporation’s aquisition of a stake in Distell. That acquisition was subject to the PIC divesting a percentage of its stake in Distell to a BEE entity.