Hotels and casino merger blocked

Peermont owns 60% of the Grand Palm Hotel and Casino
Peermont owns 60% of the Grand Palm Hotel and Casino

The proposed P9 billion takeover of gaming and hotel company, Peermont Group by JSE-listed resort hotel group Sun International has been blocked by the competition watchdog of South Africa.

The deal, which would have resulted in Sun taking over Peermont’s Grand Palm hotel, Mondior, Metcourt Inn and the casinos including the one at Sedibeng hotel in Botswana, had already been given a conditional greenlight in Botswana.

In a recommendation to its tribunal, the Competition Commission of South Africa yesterday blocked the deal saying it will prevent decreasing competition in an already concentrated market.

Editor's Comment
Watch your tongue Mr President

While his leadership has brought about significant progress and development, it is imperative that he exercises greater caution in his choice of words, particularly when addressing sensitive matters.One of the primary concerns is the potential impact of his remarks on Botswana’s relationship with De Beers, the diamond mining giant that plays a crucial role in the nation’s economy.The partnership between Botswana and De Beers has been mutually...

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