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Sun Overseas Terminates Peermont Group Acquisition Contract

Sun Overseas Terminates Peermont Group Acquisition Contract

South hotel that is african casino operator Sun International revealed today it has decided to scrap the R6.5-billion plan for the acquisition of rival casino business Peermont Group.

Sun Overseas currently manages a true quantity of resort hotels and casinos across Africa and Latin America. This past year, the company announced it was about to get a 100% stake in Maxshell 114, considered to be Peermont’s keeping company.

Michael Farr, spokesman for Sun International, said on Wednesday they have decided to abandon the merger plan and will not take any more steps towards the said merger’s completion that they have informed the South African Competition Tribunal. Mr. Farr also described the country’s Competition Tribunal as an oversight body that cannot be trusted.

Last year, the South African Competition Commission suggested that the purchase deal be obstructed just as if completed, it would eliminate any casino competition in the Gauteng province.

After the statement concerning the deal’s termination, your competition Tribunal confirmed in a statement from previous today that the involved events informed the Tribunal at a hearing that is preliminary it had been not clear whether a merger would eventually simply take spot and asked for with regards to their instance become ‘removed from the roll.’

At present, Peermont manages range resorts so that as numerous as eight gambling venues across South Africa.

The statement concerning the merger’s termination comes only a time after it became clear that gambling operator Tsogo Sun would make another try to get a stake that is strategic two Sun Global subsidiaries, running gambling enterprises into the Western Cape.

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