Exchange-Listed Companies
The RCL Foods board has given its preliminary approval for the unbundling and listing of Rainbow Chicken, a move first mooted some years ago. The move will allow the company to focus on its branded foods business.
Lighthouse Properties, through its wholly-owned Spanish subsidiary, is to acquire the retail shopping centre known as Centro Commercial H2O, together with a vacant plot of land detached from H2O. The gross purchase consideration is €121 million which includes deferred capital expenditure of €10 million. Net of existing senior bank debt of €61,5 million, the purchase consideration will be funded from existing cash resources.
Following last week’s ruling by SA’s Takeover Regulations Panel, French media company Canal+ has been granted an extension to 8 April to publish a firm intention announcement to acquire MultiChoice shares from minorities. The media company has upped its mandatory offer from R105 to R125 per share, valuing the company at R55,3 billion. The initial offer price was higher than that paid when it acquired the latest shares on market and tipped it over the 35% threshold, triggering a mandatory offer to minorities. Even so, the R105 offer was rejected by MultiChoice as significantly undervaluing the group whose net asset value sits at c. R181 a share.
Hulamin has acquired the remaining stake in Isizinda Aluminium from joint venture partner Bingelela Capital. The primary activity of Isizinda is the management of properties. Prior to the transaction, Hulamin held a 38.7% stake.
MC Mining has appealed to its shareholders not to accept the off-market takeover bid of A$1.16 per share by Goldway Capital Investment. The offer will remain open until 5 April 2024 unless it is extended or withdrawn by Goldway.
The disinvestment by Gold Fields of its 45% effective interest in Asanko Gold Mine to Galiano Gold for gross proceeds of US$170m, has closed with all conditions precedent fulfilled on March 4, 2024. Goldfields received US$65 million in cash and 28,5 million shares in Galiano as upfront proceeds for the divestment. The remaining proceeds will be settled through deferred and contingent payments.
Unlisted Companies
Last-mile delivery and express parcel services company The Courier Guy, has been acquired by private equity firm Adenia Partners alongside co-investors DEG, Proparco and South Suez. Financial details were undisclosed.
The launch of a new, majority black owned venture capital fund, Conducive Capital, will invest in early- and growth-stage disruptive technologies. The fund aims to raise, in its first close in July 2024, US$15 million with a target final close of $50 million within 24 months.
French energy giant TotalEnergies and Qatar’s state-owned oil company QatarEnergy have together acquired a majority stake in an exploration licence of Block 3B/4B in the Orange Basin, off South Africa’s west coast. TotalEnergies acquired a 33% participating interest while QatarEnergy has taken a 24% interest. The stakes were acquired from existing shareholders Africa Oil South Africa, Ricocure and Azinam.
DealMakers is SA’s M&A publication.
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