Hotels and casino merger blocked

Friday, December 11, 2015

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.

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