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Sun Global Terminates Peermont Group Acquisition Deal

Sun Global Terminates Peermont Group Acquisition Deal

South African hotel and casino operator Sun International unveiled today so it has made a decision to scrap the R6.5-billion plan for the acquisition of competing casino business Peermont Group.

Sun International currently manages amount of accommodations and gambling enterprises across Africa and Latin America. This past year, the business announced that it was likely to acquire a 100% stake in Maxshell 114, regarded as Peermont’s holding business.

Michael Farr, spokesman for Sun International, stated on Wednesday they’ve informed the South African Competition Tribunal they’ve made a decision to abandon the merger plan and certainly will not take any longer steps towards the said merger’s completion. Mr. Farr additionally described the nation’s Competition Tribunal as an oversight human anatomy that can not be trusted.

Last year, the South African Competition Commission suggested that the acquisition deal be obstructed as though finished, it could eradicate any casino competition in the Gauteng province.

Following the announcement concerning the deal’s termination, the Competition Tribunal confirmed in a statement from earlier today that the involved parties informed the Tribunal at a initial hearing that it absolutely was confusing whether a merger would fundamentally simply take place and requested because of their situation to be ‘removed from the roll.’

At the moment, Peermont manages a true range resort hotels so when numerous as eight gambling venues across South Africa. (more…)