RCL Foods Limited (JSE: RCL) entered into an agreement to acquire TSB Sugar International (Proprietary) Limited and TSB Sugar RSA (Proprietary) Limited from Tsb Sugar Holdings for ZAR 4.3 billion on November 21, 2013. The consideration is satisfied through the issue of 230.95 million shares of RCL Foods. Upon implementation of the acquisition, Remgro, parent of RCL Foods, will effectively hold 77.7% of the total shares in issue through its internal holding structure. The deal is subject to ancillary transaction being implemented, approval by the Competition Commission and shareholders of RCL to be fulfilled by no later than February 28, 2014. The Board of RCL Foods recommend shareholders to approve the deal. Rand Merchant Bank acted as a financial advisor and Cliffe Dekker Hofmeyr acted as a legal advisor to RCL Foods. Webber Wentzel acted as a legal advisor to Tsb Sugar Holdings. Deloitte Corporate Finance acted as a fairness opinion provider to shareholders of RCL Foods and PricewaterhouseCoopers Inc. acted as an accountant in the deal.

RCL Foods Limited (JSE: RCL) completed the acquisition of TSB Sugar International (Proprietary) Limited and TSB Sugar RSA (Proprietary) Limited from Tsb Sugar Holdings on January 17, 2014.