The deal, first announced in February, will see a consortium led by Tel Aviv-based Central Bottling Company acquire all the shares of Clover for R25 each.
Wednesday’s conditional approval saw Clover’s share price rise 4.1 percent to R23.44 on the JSE in afternoon trade, and its shares closed 4.75 percent higher at R23.59 on the JSE.
The tribunal said that it initially had concerns 516 workers would be retrenched from Project Sencillo, a Clover project to better utilise its factories, production lines, warehouses and trucks. But the parties had offered to not retrench any employees as a result of the completion of Project Sencillo for two years from the date of takeover.
The Competition Commission had initially concluded that the planned retrenchments were substantial and merger specific, but the parties had argued that the retrenchments were operational and unrelated to the proposed transaction.