S.Africa’s Barloworld Hits Hurdle Over Tongaat’s Starch Business Deal

June 04th 2020

S.Africa’s Barloworld hits hurdle over Tongaat’s starch business deal.

South African equipment maker Barloworld Ltd said on Thursday it was unable to reach an agreement with Tongaat Hulett over a condition set during the signing of an acquisition deal for the sugar producer’s starch business.

In February, Tongaat agreed to sell the business to Barloworld for 5.35 billion rand ($290.70 million), including debt, subject to certain conditions including that no “material adverse changes” must occur after the signing of the agreement that could affect the business.

Source: https://www.moneyweb.co.za/mny_sens/tongaat-hulett-limited-further-announcement-regarding-the-proposed-disposal-of-the-starch-business-and-further-cautionary-announcement/

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