Tongaat’s starch sale receives competition approval, but MAC dispute still unresolved

The Competition Tribunal has approved, without conditions, the disposal of JSE-listed Tongaat Hulett’s starch business to fellow-listed Barloworld.

However, the transaction still awaits approval from the competition authorities in Indonesia, while a third-party investigation into a material adverse change (MAC) in the sale and purchase agreement between Tongaat and Barloworld is yet to be resolved.