Sun Overseas Terminates Peermont Group Acquisition Deal

Sun Overseas Terminates Peermont Group Acquisition Deal

South African resort and casino operator Sun International unveiled today so it has made a decision to scrap the R6.5-billion plan for the acquisition of rival casino company Peermont Group.

Sun Overseas currently manages quantity of resort hotels and gambling enterprises across Africa and Latin America. This past year, the company announced that it was planning to get a 100per cent stake in Maxshell 114, considered to be Peermont’s keeping business.

Michael Farr, spokesman for Sun Overseas, stated on Wednesday they’ve decided to abandon the merger plan and will not take any more steps towards the said merger’s completion that they have informed the South African Competition Tribunal. Mr. Farr additionally described the country’s Competition Tribunal as an oversight body that cannot be trusted.

This past year, the South African Competition Commission suggested that the purchase deal be obstructed as though finished, it might eradicate any casino competition in the Gauteng province.

Following a statement concerning the deal’s termination, your competition Tribunal confirmed in a declaration from previous today that the involved events informed the Tribunal at a initial hearing that it absolutely was uncertain whether a merger would eventually just take spot and asked for because of their instance become ‚removed through the roll.’

At the moment, Peermont manages number of hotels and as many as eight gambling venues across South Africa. Czytaj dalej