SOUTH AFRICA: KWV's biggest shareholder sells up
Zeder Investments has dropped its stake in KWV to just 3.5%
The biggest shareholder in South African drinks group KWV, Zeder Investments, has sold the majority of its stake following last week's failed buyout of KWV by Pioneer Foods.
Zeder has sold 31.8% of KWV to an independent investment holding company, Hosken Consolidated Investments. Zeder, which is a subsidiary of PSG Holdings, today (7 February) accepted a ZAR11.80 (US$1.63) per share price tag for just under 21.8m shares, leaving it with a mere 3.5% stake in KWV.
Its remaining shares are also up for grabs if the price is right, just-drinks understands.
KWV's CEO, Thys Loubser, told just-drinks: “We are excited about the prospect of a new shareholder of reference in KWV. We believe HCI will bring new thinking and opportunities into the business and will allow KWV to fulfil its true potential as a commercial business and a brand.”
Pioneer Foods last week terminated its attempt to acquire KWV. Zeder has always maintained that, if the Pioneer deal failed and an acceptable offer was made, the company would accept it. HCI approached KWV late last week.
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