Who's doing what this week in the South African M&A space?


Who's doing what this week in the South African M&A space?


Published Date: 2021-07-16 | Source: DealMakers | Author: Marylou Greig

Who's doing what this week in the South African M&A space?

Exchange Listed Companies

  • Standard Bank and Liberty have jointly announced Standard Bank's intention to make an offer to acquire all of Liberty's issued ordinary shares and issued preference shares (it does not already own) for R11,8 billion, which if successful will result in the delisting of Liberty from the JSE. Standard Bank currently holds a 53.62% stake in Liberty. The offer to Liberty minorities represents a mix of shares and cash valued at R89.46 per ordinary share representing a premium of 32.6% to the closing price on July 14, 2021. Preference shareholders are offered R1.50 in cash per preference share. In terms of the offer, Standard Bank will issue 58,000,000 new shares to Liberty minorities who will hold c. 3.5% of Standard Bank post the completion of the transaction.
  • AngloGold Ashanti via its north American subsidiary, has announced a non-binding proposal to acquire the remaining shares in Canadian miner Corvus Gold for $370 million. The company which currently hold a 19.5% stake in Corvus proposes to make a cash offer of C$4 per share ($3.20), representing a 55% premium to the share price of C$2.58 on May 5, 2021, prior to the Loan Agreement it signed with Corvus.
  • Sasol has announced it has entered into an agreement to sell its sodium cyanide business to Draslovka, a Czech Republic-based chemical company. The deal is valued at R1,46 billion. Draslovka has partnered with Navuka Investment Holdings which is a black-women-owned company and will own 25% of the South African operation. Sasol will still supply key feedstocks, utilities and site services to Draslovka on an arm's length basis.
  • RMB Holdings' private equity arm RMB Corvest has acquired, together with Imbani Private Equity, a significant stake in Insulation Thermal Acoustic Security (ITAS) for an undisclosed sum. ITAS is a specialist manufacturer of value-added, end-to-end physical security products.

DealMakers is SA's M&A publication.

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