Barloworld and Newco advises shareholders that the South African Competition Tribunal has approved Newco’s R23 billion acquisition of Barloworld, subject to certain agreed public interest conditions which include the implementation of a broad-based black economic empowerment structure after delisting.

The approval by the Tribunal follows a positive recommendation from the South African Competition Commission as announced on 9 June 2025 and concludes the competition review process in South Africa.

The parties are continuing to work towards the fulfilment of the remaining conditions required for the transaction to become unconditional, including competition approvals from other jurisdictions. Shareholders will be advised in due course of any material developments in this regard. 

Sydney Mhlarhi, spokesperson for Newco, said, “We are delighted that the Tribunal has approved the transaction. This is a significant transaction milestone which fulfils a key transaction condition and concludes the South African competition process. It marks a significant step toward concluding the transaction and provides a further level of certainty for shareholders. We maintain our firm belief that this transaction is a win for South Africa and ensures Barloworld’s long-term sustainability, offering a compelling premium for shareholders while delivering broad-based economic and value benefits. We are working to fulfil the remaining conditions precedent, and we eagerly look forward to concluding the transaction in the near future.”

The Standby Offer remains open for acceptance and Shareholders who have not yet tendered their shares still have the opportunity to do so. The deadline for acceptance of the Standby Offer is 12:00 on the first Friday falling ten Business Days or more after the date on which the last of the remaining conditions precedent to the Standby Offer is fulfilled (or, if applicable, waived), which Newco currently expects to be in September 2025.

Process and timelines  

• On 24 June 2025, Barloworld paid an interim dividend of R1.20 per share resulting in a net amount of R118.80 per share being payable in accordance with the terms of the Standby Offer. 
• The Longstop Date for fulfilment of all the conditions precedent to the transaction is 11 September 2025.    
• The Longstop Date will automatically be extended by 3 months if any regulatory approval has not been obtained by 11 September 2025.  
• Results of the Standby Offer will be released on SENS and the ANS on the first Business Day after the Standby Offer Closing Date.  

 The full SENS announcement is available on the Barloworld website