Tongaat Hulett CEO Gavin Hudson is hopeful on Barloworld’s bitter blow to R5.35bn deal

Gavin Hudson, CEO of Tongaat Hulett, believes Barloworld's call of a material adverse change event is premature. He, however, remains positive that the deal will go through.
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Gavin Hudson, the Chief Executive of Tongaat Hulett, discusses the recent 'standstill' of the transaction between Tongaat Hulett and Barloworld due to the latter's call of a material adverse change (MAC) event for the full year due to Covid-19. Hudson expresses his disbelief that such a MAC event is present while remaining positive that, whichever way the deal goes, Tongaat Hulett will continue. – Nadya Swart

Gavin Hudson is the Chief Executive of Tongaat Hulett and a man who's had his hands full over the past few months since he took over there. But even fuller today, Gavin, with the announcement that you put out to say that the life-saving (perhaps) transaction that you've done with Barloworld (which was announced on the 28 February) for the sale of the starch business for R5.35bn now might be in jeopardy, because of Covid-19. Just take us through that, because from reading the SENS reports – there was an auction process, Barloworld won the auction process, this goes back quite a few months. Are they now wanting to renege on the deal?

___STEADY_PAYWALL___

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