Brimstone second-guesses Clover deal following BDS outcry
JSE-listed Brimstone Investment Corporation is reviewing its participation in the proposed buyout of Clover Industries, following an outcry by human rights and Palestine solidarity organisation BDS South Africa (SA).
Clover and Brimstone separately reported on Monday that Milco SA – a new company formed by a consortium of international investors, black-controlled Brimstone Investment Corporation and the management of Clover – is offering to acquire all shares in Clover at R25 a share, valuing the company at R4.8-billion.
Israel’s Central Bottling Company (CBC) forms part of the consortium.
“Having regard to our company’s values-driven identity, we have taken note of the widespread outrage in respect of Brimstone’s participation in the proposed purchase of . . . Clover . . . Brimstone has, therefore, decided to review its role in the proposed transaction,” the investment company said on Thursday.
This follows after BDS SA released a statement, on Wednesday, expressing concern that the consortium of companies that intends to acquire Clover includes CBC.
“If the deal proceeds, Israel’s CBC will take control of 59.5% of the South African milk and dairy company,” it said in a statement, listing human rights abuses in which CBC is allegedly complicit.
BDS SA noted that it intended to meet with Brimstone representatives and warned that, should the deal proceed, “we will actively initiate, support and or join the call for direct action and a militant but peaceful campaign, including protests and disruptions, against Clover and a boycott of all its products”.
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