Tribunal's approval opens way for R14bn Holcim BEE deal

May 30, 2007

The black-controlled Afrisam Consortium (ASC) received unconditional approval from the Competition Tribunal on Thursday for its proposed acquisition of the majority interest in cement group Holcim South Africa – tribunal approval was effectively the last condition precedent for the conclusion of the R14-billion transaction...

The other major milestone was achieved earlier this week when shareholders in JSE-listed steel and construction group Aveng, which owned 46,65% of Holcim South Africa, approved the sale of the group’s holding to the consortium for R7,4-billion. The motion was passed at a general meeting on Monday morning, with 99,97% voting in favour of the sale. Nearly 80% of all Aveng shareholders, or their proxies, voted.

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