SAA deal: Takatso confirms CEO Gidon Novick’s resignation - The consortium said Novick stepping down amid a conflict of interest would clear the path for the transaction to go ahead
of his resignation on Monday. He reportedly cited a lack of transparency regarding the progress of the transaction, which was 15 months ago, but has yet to be concluded.as the government’s strategic equity partner, has been mired in controversy.had not followed a formal process for the invitation, evaluation and adjudication of proposals from interested parties to identify the preferred strategic equity partner.
On Monday evening, Takatso said it regarded Novick’s resignation as appropriate considering the inherent conflicts of interest in relation to the SAA transaction. “Takatso is currently pursuing the SAA transaction’s merger clearance by the competition authorities and seeks to comply with the relevant legislation at all times,” the consortium said.
“Lift is a competitor to SAA and the Takatso board has identified the potential conflicts of interest between the consortium and Lift and has sought to manage these throughout the course of the transaction.
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