Exchange-Listed Companies

Following market speculation, Anglo American (Anglo) has confirmed that on April 16, 2024, it received an unsolicited, non-binding and highly conditional combination proposal from BHP. The proposal comprises an all-share offer for Anglo American by BHP and would, according to Anglo American, be preceded by separate demergers by Anglo American of its entire shareholdings in Anglo American Platinum and Kumba Iron Ore to Anglo American shareholders. In addition, shareholders of Anglo would receive 0.7097 shares for each ordinary Anglo share. Based on closing market prices of 23 April 2024, the proposal represents a total value of c. £25.08 per Anglo ordinary share including £4.86 in Anglo Platinum shares and £3.40 in Kumba shares, valuing Anglo’s share capital at £31,1 billion. The two parts of the proposal would be inter-conditional. Anglo has a primary listing on the LSE and secondary listings on the JSE, BSE, NSE and the SIX Swiss Exchange. The combined entity would retain BHP’s global listings on the ASX, LSE, JSE and NYSE. Anglo is taking the proposal under advisement.

Trustco has advised that it will acquire a further 1,135 shares in Namibian entity Legal Sheild Holdings from Riskowitz Value Fund. Prior to the acquisition, Trustco holds an 80% shareholding in the investment entity which holds Trustco Insurance, Trustco Life and Trustco’s real estate portfolio. Trustco will issue 400 million new shares at R1.17 per share (Trustco’s share price is currently trading at R0.20 per share). The shares will be issued in two tranches – 200 million shares are due after the effective date and the second tranche 12 months after the issuance of the first.

On March 8, 2024, Mondi plc announced it would make an offer to acquire DS Smith. Having completed a due diligence and following the announcement on April 16, 2024, of a competing bid by International Paper Company, Mondi has decided that an all-share merger would not be in the best interests of its shareholders.

Unlisted Companies

Local cybersecurity distributor Maxtec Peripherals has been acquired by UK headquartered QBS Technology as part of that company’s expansion strategy within the META region. Maxtec provides a distribution platform for African Cybersecurity Channel Partners to provide Software, Hardware, Managed Services and Rental Financing across all verticals. For Maxtec, the deal will facilitate further expansion into new territories and sustain growth in existing regions.

TransPerfect, the world’s largest provider of language and AI solutions for global business has announced the acquisition of South Africa-based Content Lab, a provider of audiovisual localisation services for media and entertainment clients. Content Lab will be renamed TransPerfect Media South Africa. Financial terms were undisclosed.

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