JOHANNESBURG, June 1 (Reuters) - Distell's mainshareholder Remgro said it would act in the bestinterests of its own shareholders and those of the South Africandrinks company in response to the enforced sale of fellowinvestor SABMiller's stake.
South Africa's Competition Commission made one of theconditions for Anheuser-Busch InBev's acquisition ofbrewer SABMiller for more than $100 billion, that SABMiller mustsell its 26.4 percent Distell holding, which is worth around$565 million based on its current market value.
Investment firm Remgro, which owns 52.8 percent of spirits,cider and wine maker Distell and has been named as a possiblebuyer of SABMiller's holding in the past, said it would awaitSABMiller's response to the ruling and "with due considerationto the rights they have, act in the best interest of Remgro,Capevin Holdings, Distell and their respective shareholders".
Remgro did not specify in its Wednesday statement whatrights it or Capevin Holdings had relating to Distell or anysale of SABMiller's stake. The investment firm was notimmediately available for comment.
Earlier Distell said the disposal of SABMiller's stake wouldnot adversely impact the way that it operates, because theLondon-based brewer is not involved in the board.
"SABMiller does not have any representation on the board ofDistell and has never been involved in the management ofDistell," the company said in a statement.
Meanwhile, South African Reserve Bank Governor LesetjaKganyago said Anheuser-Busch InBev's merger with SABMiller wascomplicated, but would ultimately benefit the country.
"It is a complex transaction and very difficult at thisstage to say definitively what the impact is. All that we cantell is that a priori, it is positive for South Africa," he toldReuters on the sidelines of a conference near Cape Town.
Conditions attached to the deal include a binding one thatno South African employee be laid off because of the merger, theCompetition Commission said on Tuesday.
It said it had recommended to the Competition Tribunal,which has the ultimate say, that the deal be "approved withconditions." Its recommendations are usually upheld. (Reporting by Zimasa Mpemnyama and Wendell Roelf; Editing byJames Macharia and Alexander Smith)
