Exchange-Listed Companies
Woolworths has announced its intention to acquire 93.45% of the shares in Absolute Pets from Sanlam Private Equity and Absolute Pets management. The remaining management-retained shareholding will be acquired by Woolworths over an agreed period post the completion of the transaction. While financial details were not disclosed as the deal value falls below the threshold for categorisation in terms of the JSE Listing requirements, the company did report that the purchase consideration would be settled in cash.
In September Senosi Group Investment and Dendocept, each substantial shareholders in MC Mining (23.4% and 6.9% respectively) made a confidential and incomplete, non-binding conditional and indicative offer to acquire the shares of the company for a cash offer in the range of A$0.20 – A$0.23 per share. The company this week received a letter signalling an intention to make an off-market cash takeover offer for the remaining shares in the company by the consortium comprising Senosi, Dendocept and shareholders and associates representing an aggregate 64.5% of the issued share capital of the company. The letter however did not provide a definitive offer price for the shares.
OUTsurance Holdings, an 89.7% owned subsidiary of OUTsurance Group, has acquired a further 2.64% stake in Australian insurance operation Youi from former CEO and founder of Youi for A$42,5 million. In March, the company acquired an initial 54,6 million shares. OUTsurance’s stake in Youi now sits at 94.64%.
Sibanye-Stillwater has exercised the option (due to expire on 5 November 2023) to acquire the Mt Lyell copper mine in Tasmania. Sibanye gained the option through its 2021 acquisition of New Century Resources. The mining group paid $10 million to Vedanta for the copper mine which was placed on care and maintenance in 2014. A feasibility study will be conducted to consider the re-establishment of the operation. Sibanye also announced the closing of its acquisition, from joint venture partner Anglo American Platinum, of the 50% stake in Kroondal and Marikana pool-and-share agreement, announced in early 2022.
The proposed R60 million disposal by Trustco of a 49% stake in Trustco Finance Namibia to Finbond has been terminated. The parties have, without giving reasons, agreed not to continue with the transaction but have indicated that they may revisit the deal in the future.
Unlisted Companies
Bushveld Minerals, the AIM-listed vanadium producer and energy storage solutions provider with vanadium mines and processing facilities in South Africa, has entered into a conditional agreement to acquire the remaining 26% stake in Bushveld Vametco. The minority stake is held by a BEE consortium which will receive 232,836,255 million Bushveld Mineral shares for the stake representing 13% of its enlarged share capital. 70% of the consideration shares will be subject to a six-month lock-in period.
Hollard International, SA’s largest privately-owned insurance group, has entered into an agreement to acquire a significant stake in Apollo Investments, the holding company APA Insurance which is headquartered in Kenya. Financial details of the deal were undisclosed. Hollard has an existing presence in the following African countries – Namibia, Mozambique, Zambia, Lesotho, Botswana and Ghana.
DealMakers is SA’s M&A publication.
www.dealmakerssouthafrica.com
