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KWV CEO Loubser changes tack on talks with Halewood

23 Feb 2011

In an apparent change of heart, KWV CEO Thys Loubser is planning to meet his counterpart at UK-based drinks maker Halewood "in the next week or so" to discuss the idea of a tie-up between the two companies.

A meeting with Loubser and Mike Veysie, local MD of Halewood International, would mark a turnaround for the CEO of the wine and brandy maker, who only two weeks ago said Halewood should "go back to Liverpool".

"I'm really interested if there's a deal and so is he," Loubser said yesterday, 22 February 2011. "That's the way to do it. Management must come together. That's what my new shareholders of reference are saying."

The new approach indicates investment company HCI, which earlier this month bought most of outgoing Zeder Investments's 33.9% share in KWV, is keen to explore opportunities. Halewood has proposed an all-share merger of KWV with Halewood's South African business to create a wine, brandy and ready-to-drink beverages company that would list publicly by 2014.

HCI CEO John Copelyn could not be reached late.

Loubser denied any change of heart on his or KWV's part. "I've always been positive about it. I may be more positive in general now because these corporate actions are starting to get behind us."

Veysie confirmed that the two men had arranged to meet.

KWV has not dropped its appeal against a Securities Regulation Panel ruling that it make available to Halewood the same due-diligence information it gave to Pioneer Food Group during Pioneer's aborted bid for KWV.

Loubser was speaking yesterday after KWV reported a slump in pretax profit for the six months to December to R14,4m from R40,6m a year earlier.

The company raised prices of wine sold in the UK, causing volumes and revenue to fall 80%.

Source: Business Day

Source: I-Net Bridge

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