Latest news with #Bengtsson
IOL News
02-07-2025
- Business
- IOL News
Sun International, Peermont scupper R7. 3bn acquisition due to regulatory delays
Data from the Gambling Board indicating the growth in revenue from gambling and the growth of online gambling since 2022. Image: Supplied Sun International's R7.3 billion acquisition of Peermont has been terminated after the Competition Tribunal scheduled a long-awaited hearing too late for the deal to legally proceed, while 'deal fatigue' had set in among the parties. In an extraordinary event, the Competition Tribunal had scheduled hearings for the Sun International and Peermont deal to be heard on October 2, 2025. The Competition Tribunal is a condition precedent to the transaction, which currently has a longstop date of September 15, 2025. 'Accordingly, as the hearing date is after the regulatory longstop date, the parties have mutually agreed to the immediate termination of the Proposed Transaction,' Sun International said. However, the Competition Commission denied it was the cause of delays in the hearing, and disputes between the parties on discovery evidence had caused delays. The Commission said for instance, that earlier dates for the hearing, such as on 19-30 May 2025, were not utilised due to ongoing discovery disputes between the parties. On further questions from BR, Sun International CEO Ulrik Bengtsson said said 'deal fatigue' had set in due to the time delay, and considering the impact this was having on both groups, it was one the factors for the termination, aside from the Tribunal being unable to hold the hearings and closing arguments before the long-stop date. There has been increasing concern expressed about the delays in decision by the competition authorities, particularly the Competition Tribunal, which, for example, most recently faced criticism for deals such as Vodacom's acquisition of Maziv, and Blue Label Telecom's control of Cell C - the decision in this matter by the Competition Authorities took nine months. The Tribunal has claimed however that 99% of the mergers filed between April and December 2024 were heard within the required timeframe. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Nevertheless, Bengtsson said 'multiple approaches' were made to the Tribunal 'to bring forward the hearing date and closing arguments prior to the longstop date,' but given the busy workload of the Tribunal, it was not feasible or possible for them to do so. Notice of the deal's termination comes a full 18 months after the acquisition proposal was first announced. The circular to shareholders was first distributed to shareholders on February 5, 2024. The transaction was first referred to the Competition Tribunal in October, 2024, meaning the hearing would only have taken place 12 months later. The Tribunal retained the power to approve the deal. This was even though the Competition Commission had recommended to the Tribunal that the transaction be prohibited under sections of the Competition Act, that typically address risks of reduced competition in the market, and negative impact on public interest, such as job losses, reduced consumer choice, harm to local suppliers, or lack of black economic empowerment. Peermont operates 11 properties that include hospitality, more than 1 600 hotel rooms, gaming and casino facilities. JSE-listed Sun International operates hospitality and casinos across the country including Sun City, The Table Bay Hotel and Time Square. Sources said the initial concerns and relevance of the competitive aspects of the transaction appeared to have waned considerably given the rapid growth in online gaming during and since the Covid-19 pandemic.
Scottish Sun
23-06-2025
- Health
- Scottish Sun
Fat loss pill that can help you ‘lose weight AND tone up' set to rival jabs
FIT NOT FLABBY Fat loss pill that can help you 'lose weight AND tone up' set to rival jabs A PILL to make you buff is a step nearer to reality as inventors move onto the next phase of human trials. Scientists say the drug, currently known as ATR-258, can burn off fat but save muscle. 1 An experimental pill could burn fat without losing muscle (stock image) Credit: Alamy It would overcome an issue with fat jabs such as Mounjaro which shrink muscle as well as flab. Advertisement This can leave people weak and make them look more skinny or saggy. Preserving muscle while fat burns off could help slimmers stay toned, as well as boosting their health. Professor Tore Bengtsson, founder of manufacturer Atrogi, said: 'This pill can actively reshape body composition, reducing fat while preserving muscle mass, all without requiring dietary restriction. 'That's unprecedented.' Advertisement Large human trial to test effects The drug was invented to treat obesity and type 2 diabetes. Results of the first phase trial, on 48 patients, were published in the journal Cell and showed it was safe for humans to take. Prof Bengtsson, also of Stockholm University, now plans to trial it on a bigger group of overweight people to see if it works as well as it did in animal studies. It functions by triggering the metabolism in the muscles, activating them to burn more fat. Advertisement This is different to injections like Ozempic, which use hormones in the brain to banish hunger. Two thirds of adults in the UK are overweight or obese and the issue has rocketed since the 1990s. Prof Bengtsson said: 'Our results point to a future where we can improve metabolic health without losing muscle mass. 'Muscles are important in both type 2 diabetes and obesity, and muscle mass is also directly correlated with life expectancy.'
Miami Herald
22-05-2025
- Science
- Miami Herald
Hobbyist studying old map notices odd mark that leads to medieval find in Sweden
Göran Bengtsson, a hobby archaeologist, was studying an 18th-century map of southwestern Sweden when he noticed something unusual. A rectangle and the word 'Klosterkullen,' which translates to 'monastery hill,' was drawn in an area that today is an empty field in Derome, according to a May 13 news release from the Swedish archaeology service Arkeologerna. On a dry summer day, Bengtsson scanned the area using a drone and metal detector. He found clear traces or crop marks in the ground — evidence of a buried structure, experts said. Bengtsson enlisted the help of professional archaeologist Bengt Westergaard at Arkeologerna. Ground-penetrating radar confirmed the presence of 6.5-feet-thick walls, pillar foundations and other building parts. Bengtsson had discovered a medieval monastery likely dating back to the late 12th century, according to the release. Experts said this may have been the east wing of the unfinished Cistercian monastery of Ås, the release said. A letter from a meeting in 1243 shows the then-abbot, or head of the monastery, applied to have it moved. The site was relocated some time during the 13th century, according to experts. Westergaard said in his 40 years as an archaeologist, he has never seen anything like this, according to the release. The Order of Cistercians was part of the Roman Catholic monastic order founded in 1098. The group was made up of monks, and eventually, nuns. Additional ground-penetrating radar scans will be performed to try and locate more of the monastery, experts said. No archaeological excavations have been planned. Derome is about a 340-mile drive southwest from Stockholm. Google Translate was used to translate the news release from Arkeologerna.
