https://www.engineeringnews.co.za

Dairy firm Clover says in takeover talks, shares jump

19th October 2018

By: Reuters

  

Font size: - +

Clover Industries said on Friday it has entered into talks with an unnamed party that intends to acquire the entire issued share capital of the dairy company, sending its shares up nearly 12%.

Clover, which processes products including yoghurt, beverages, cheese and olive oil, did not provide further details. In September, the firm reported normalised annual profit tripling, boosted by its exit from the milk business and a recovery from drought the previous year.

Clover, which has a market capitalization of R2.73-billion ($190-million), did not provide further details.

Its shares jumped 13.3% to R16.01 by 0846 GMT.

"From an earnings point of view, they are going in the right direction. The last set of results was very positive. Whoever is buying it has definitely come in at the right time" said Greg Davies, equities trader at Cratos Capital.

In September, the firm reported normalised annual profit tripling, boosted by its exit from the milk business and a recovery from drought the previous year.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Axiom Hydraulics
Axiom Hydraulics

Axiom Hydraulics is a trusted leader in South Africa’s hydraulic industry, delivering world-class components, systems, and engineering expertise...

VISIT SHOWROOM 
Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.045 0.955s - 122pq - 2rq
Subscribe Now