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Third-party opinion on sale of Tongaat unit due in September, says Barloworld

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Barloworld and Tongaat Hulett are in dispute over the R5.3bn sale of the sugar producer's starch business

Industrial group Barloworld said on Tuesday a third-party opinion on its dispute with Tongaat Hulett over the R5.3bn sale of that company's starch business is due in September.

Barloworld triggered a material change clause — a rarely invoked clause in mergers and acquisitions that allows buyers to withdraw from deals if the value of the transaction has been undermined by a significant development.

 

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