SOUTH AFRICA: Boschendal deal imminent
One of South Africa's biggest wineries, Boschendal, will not be converted into a sprawling golf estate and is expected to have its agricultural rights entrenched.
A yet unnamed member of the Bacardi family, who forms part of a new international consortium, called Citation, is expected to sign the deal in the next two weeks after one or two minor aspects have to be clarified.
Don Tooth, MD of Anglo American Farms (a subsidiary of mining house Anglo American), confirmed that it was all but a done deal and that a South African and international consortium, including a black economic empowerment (BEE) partner, had been established to acquire Boschendal.
BEE group, Kovacs, which forms part of the South African component of the partnership buying Boschendal, will acquire a 30% stake in the operation. This is line with the ANC policy of black empowerment initiatives in the wine industry.
While it appears that there will be no golf course development, speculation still continues regarding Gary Player's (team captain for the international team that shared the President's Cup Golf Tournament with the USA over the weekend) role in the acquisition.
A low density, upmarket housing development would be permitted on land not suited to grape growing, but the integrity of the agricultural rights would be entrenched, said Tooth.
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