Competition Tribunal gives thumbs up for Burger King deal

File: The entrance of a Burger King store. AFP/Thomas Samson

JOHANNESBURG - The Competition Tribunal has given the go-ahead for the sale of the SA franchise Burger King, on condition that it will allow foreign investment worth about R470-million to flow into the country.

Other conditions to the sale are not specified.

READ: Burger King Deal: Commission pulls the plug

However, in August, Grand Parade Investments and the US private equity fund ECP Africa Fund had agreed to increase jobs by 1,250, place a moratorium on job cuts and spend hundreds of millions buying from local suppliers.

It also pledged to create a workers' trust of 5 percent BEE ownership.

The deal has been closely watched as investors try to gauge authorities’ attitudes to foreign direct investment.

Source
eNCA

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