The Newco consortium that is bidding to take control of Barloworld unexpectedly requested a postponement of Wednesday’s Competition Tribunal hearing to allow it to “consider certain matters”.
The “certain matters” relate to the conditions agreed between the Competition Commission and Newco. Those conditions are the basis on which the commission recommended approval of the multibillion-rand transaction.
When asked by the tribunal’s Andreas Wessels what aspects of the conditions needed to be considered by the consortium, Newco’s lawyer said he was not able to give out that information in a public forum.
One analyst speculated the “certain matters” might relate to the need to provide some certainty on the status of the proposed employee share ownership plan (Esop) if Barloworld is not delisted. Newco had previously said the Esop, which will hold 5% of the group, would only be created when Barloworld is delisted.
In a Sens announcement released earlier this week, Newco confirmed it would proceed with the transaction even if it acquired only 51% of the Barloworld shares and the company remained listed.
The tribunal hearing is expected to be rescheduled in mid- to late July.
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