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Clover and Nestlé SA unveil new entity

1 Mar 2013

Clover Industries (CLR) and Nestlé SA on Friday, 1 March 2013, announced the formation of the new entity‚ called Clover Waters.

The new entity - which is subject to the fulfillment of various conditions‚ including Competition Commission approval - will obtain a licence to manufacture‚ distribute‚ market and sell bottled mineral water under Nestlé's Pure Life®‚ Valvita® and Schoonspruit® brands as well as iced tea under the Nestea brand.

Clover and Nestlé believe that the transaction will unlock growth and shareholder value by providing a broader platform to grow their position in the supply of bottled mineral water and iced tea.

Once approved‚ the purchase consideration of R58m will be settled through the issue of 30% of the shares in Clover Waters to Nestlé.

Post-transaction‚ Clover SA will hold 70% of Clover Waters and Nestlé 30%.

Source: I-Net Bridge

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