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Sun International abandons Peermont takeover plan

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Graeme Stephens, CEO of Sun International. (Picture supplied)
Graeme Stephens, CEO of Sun International. (Picture supplied)

Johannesburg - Sun International has shelved its R9.5bn ($623m) plan to buy rival casino owner Peermont Group, the company said on Wednesday.

Sun International, which owns and operates casinos and hotels in Africa and Latin America, last year announced its intention to buy 100% of Peermont's holding company, Maxshell 114.

Peermont owns and operates several hotels and eight casinos in Africa's most advanced economy.

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