Finance

NEW YORK (Capital Markets in Africa) – Even if Activision Blizzard Inc. shareholders approve a $69 billion sale to Microsoft Corp on Thursday, Wall Street is betting that Biden antitrust enforcers could unravel one of the largest mergers in U.S. history. Shares of the gaming juggernaut are trading 25% below Microsoft’s $95 offer, indicating investors see risk the buyout won’t close as planned. This risk premium is more than double that of Twitter Inc. following Elon Musk’s offer,…

LAGOS (Capital Markets in Africa) – Shareholder support for Glencore Plc’s climate change strategy has weakened and the world’s top coal shipper will now have to consult with investors as it looks to defend one of its most profitable businesses. The company secured about 76% support for its climate progress report at its annual general meeting on Thursday, significantly less than the 94% backing it received last year. Influential advisory firms, including Glass Lewis &…

DAKAR (Capital Markets in Africa) – Senegal’s sovereign wealth fund is considering investing in neighboring countries after it starts receiving part of the oil and gas revenues from new fields in the nation. The $25 billion economy, set to start production next year, will allocate a minimum of 10% of the sector’s revenues to the fund, Babacar Gning, chief investment officer at the state-owned Sovereign Fund for Strategic Investments or Fonsis, said in an interview.“The law…

JOHANNESBURG (Capital Markets in Africa) – A non-fungible token created from Nelson Mandela’s original arrest warrant raised 1.9 million rand ($130,000) in an auction to help fund a heritage site that documents South Africa’s struggle for democracy.  Mandela, the anti-apartheid activist who emerged from 27 years in prison to become South Africa’s first Black president, was arrested in 1962 for conspiring to overthrow the White-minority government.  Proceeds from the sale will go toward the Liliesleaf Museum…

LUSAKA (Capital Markets in Africa) – Zambia may be better known for mining copper than crypto, but a group of young entrepreneurs are looking to reinvent the country as an African technology hub — with support from Ethereum co-creator Vitalik Buterin. Startup founders from the southern African country and abroad are talking to the government about creating the regulatory and business environment that would attract more tech firms and capital. The group is in the…

LAGOS (Capital Markets in Africa) – Nigeria plans to become a net exporter of fertilizer after commissioning the world’s second-biggest urea plant. The 3 million-ton facility near Lagos, the commercial hub, adds to existing output of 3.1 million tons in the West African nation, according to the central bank. The biggest plant of its kind in Africa, owned by billionaire businessman Aliko Dangote, is already shipping to the U.S., India, and Brazil. “This fertilizer plant is…

NEW YORK (Capital Markets in Africa) – Warren Buffett is telegraphing his disdain for Wall Street bankers with an oddball price on his latest multibillion-dollar takeover. The $848.02 for every share that Alleghany Corp. stockholders get from Berkshire Hathaway Inc. is the result of Buffett balking at the banking fee being set aside by the target company — in this case for Goldman Sachs Group Inc., which is advising the insurer. Berkshire had offered to pay $850 a share with…