Clover Set To Buy Back Stake In Milk Leader

In a shareholding flip flop, South African fast-moving consumer goods giant Clover is expected to reacquire the 35% stake in leading milk producer Clover Industries Limited it sold to Hosken Consolidated Investment Limited in 2005. The buyback will cost Clover ZAR337.4mn (US$45.61mn), a handsome return for Hosken which paid ZAR92mn for a 25% stake, which it later pushed up to 35%. Suiting both parties in BMI's opinion, Hosken will realise a significant profit on its investment while Clover will reclaim a major stake in South Africa's leading dairy

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