Brimstone to exit SA dairy deal on anti-Israel pressure | Fin24
 
  • Load Shedding

    Find the latest load shedding schedules for Joburg, Durban, Cape Town, and other cities.

  • Ferial Haffajee

    South Africans are a cynical lot. Are we are missing that the business investment strike is over?

  • 'Devastated'

    Western Cape govt bemoans Arcelor Mittal SA's decision to shut its steel works plant in Saldanha.

Loading...

Brimstone to exit SA dairy deal on anti-Israel pressure

Apr 12 2019 08:37
Ana Monteiro and Antony Sguazzin, Bloomberg

The Brimstone Investment Corporation will exit a deal led by an Israeli company to buy South Africa’s biggest dairy producer after protests by a pro-Palestinian activist group.

The investment-holding firm is in “advanced talks” with a replacement shareholder that could see it exiting its entire shareholding in Milco SA - the entity that has offered R4.8bn deal to buy Clover Industries - by the end of the year, it said in a statement Friday.

The Central Bottling Company, based in Tel Aviv, is leading the transaction along and is the biggest shareholder in Milco. A CBC unit will buy Brimstone’s interest on December 31, if it hasn’t found an alternative investor by then, the South African company said.

The ANC had close ties to the Palestine Liberation Organization during the apartheid era and Israeli interests are frequently the target of protests in South Africa. Brimstone says on its website that it has “impeccable empowerment credentials and a values-driven corporate identity".

The deal was opposed by Boycott Divestment Sanctions South Africa, a group with a history of anti-Israel activity. “We will actively initiate, support and/or join the call for direct action and a militant but peaceful campaign,” the organisation said. That will include “protests and disruptions against Clover and a boycott of all of its products.”

BDSSA in 2014 led calls for a boycott of Woolworths because of its sale of figs, pretzels and pomegranates imported from Israel. Woolworths said at the time that some of its customers and staff had been intimidated during protests inside its stores and pig heads were left in some outlets.

brimstone  |  bds  |  clover
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...