Exchange-Listed Companies
AngloGold Ashanti and Centamin Plc have agreed to a deal that will see, subject to shareholder approval, AngloGold acquire Centamin and thereby control of the Sukari Mine in Egypt. The deal valued at $2,5 billion (R44,5 billion) represents a premium of 37% to Centamin’s closing price on the day prior to the announcement and at a time when the gold price is at record highs. The transaction will involve a share and cash deal with Centamin shareholders receiving 0.06983 new AngloGold shares and $0.125 in cash per Centamin share – with 82,711,292 AngloGold shares to be issued. Following the transaction, AngloGold shareholders will hold 83.6% of the company with Centamin investors owning 16.4% of the enlarge share capital.
Manufacturer and distributor of branded and private label consumer packaged goods Libstar, has disposed of its interest in Chet Chemicals to Mithratech SA, a subsidiary of the Morvest Group, for an undisclosed sum. The disposal of the business, which forms part of its Household and Personal Care category, is aligned with Libstar’s stated strategy to simplify and reposition its portfolio to value-added food categories.
Texton Property Fund’s UK subsidiary had disposed of a property located in the Heapham Road Industrial Estate in Gainsborough in the UK to Banafa Properties for a disposal consideration of £7,3 million.
Trematon Capital Investments has entered into an agreement with Aria Property Group in terms of which Trematon subsidiary Tremgrowth will dispose of its entire 60% interest in Aria for a cash consideration of R293 million. The transaction is structured as a repurchase by Aria of the 180 ordinary shares held. The transaction is a category 1 disposal and as such requires shareholder approval.
Castellana Properties, Vukile Property Fund’s 99.5%-held subsidiary, has concluded an agreement with Suitable World Unipessoal, a Portuguese company ultimately owned by Harbert European Real Estate Fund V, to acquire a blue-chip tenanted shopping centre portfolio comprising three assets, two in Lisbon and one in Porto. The acquisition will be acquired by ‘Newco’ which will be owned 80% by Vukile and 20% by RMB Investments and Advisory (FirstRand). The aggregate purchase consideration of €175,5 million will be settled in cash. The portfolio is being acquired at an initial net income yield of c.9%.
Shareholders at the meeting held to approve the offer made in July by the Bell family (IAB) to buy out minorities of Bell Equipment have rejected the move. Shareholders holding just 15.05% of the shares were eligible to participate in the offer of R53 per share, representing an 82% premium to the 30-day VWAP at the time. IAB and shareholders related to the founding family hold the remaining 70.13%. This is not the first time the Bell family (IAB) have had their offer rejected. In October 2021, the offer to acquire the remaining 29.45% interest in the company was priced at R10 per share. The offer price was found to be not fair nor reasonable.
To allow for further discussions with NewRiver REIT in relation to a potential offer to acquire the entire issued share capital of Capital & Regional, the C&R Board has requested, and the UK Panel on Takeovers & Mergers has once again consented, to extend the deadline by which time NewRiver is required to either announce a firm intention to make an offer or announce that it do not intend to make an offer for the company. The new deadline is 26 September 2024.
Unlisted Companies
South African Valhalla Capital Partners, Finnish wastewater treatment technology pioneer EPSE, Johannesburg-based water treatment company Prosep and Texas-based mining consultancy Titan Resources have formed a joint venture to disseminate EPSE’s innovative water treatment technology across Africa. The technology can be applied to all wastewater containing dissolved metals – a typical by-product of mining and diverse industrial sectors. The activities of the JV will consist of projects where samples from individual mines will be processed using the EPSE method and solutions will be implemented locally in partnership with Prosep. Valhalla Capital Partners will raise financing for the expansion of the JV in South Africa and across the continent.
Computer Mania, the Cape Town-headquartered technology retailer has acquired gomaxx. a certified pre-owned Apple retailer. The deal enables Computer Mania to scale its Apple service and product offerings by providing a wide selection of pre-owned Apple devices and in-demand services such as repairs and upgrades. Financial details were undisclosed.
DealMakers is SA’s M&A publication.
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