Finance

ABIDJAN (Capital Markets in Africa) – When Ivory Coast put out a tender to build a bridge over the lagoon in its commercial hub of Abidjan, 10 out of the 18 companies that expressed interest were either Chinese firms or in partnership with them. China State Construction Engineering Corp. won the contract in May. The 109 billion CFA francs ($191 million) deal highlighted China’s growing muscle in a part of Africa that until recently its…

JOHANNESBURG (Capital Markets in Africa) – Lundin Mining Corp.’s effort to acquire Nevsun Resources Ltd.went hostile with a plan to make a C$1.4 billion ($1.1 billion) all-cash offer for the owner of the prized Timok copper-gold deposit in Serbia after its previous attempts were spurned. Lundin said Monday in a statement it will offer C$4.75 a share, representing a premium of about 13 percent to Monday’s closing price. The Toronto-based miner controlled by Swedish-Canadian billionaire Lukas Lundin intends to commence…

LUANDA (Capital Markets in Africa) – A company with ties to Africa’s richest woman, Isabel dos Santos, is threatening to seek compensation from the Angolan government after losing concession rights to build a $1.5 billion port near the capital, Luanda. The decision to withdraw the contract to build and operate the Barra do Dande port appears to be yet another step by President Joao Lourenco to ease the grip of his predecessor’s family on the nation’s economy. Lourenco…

DAR ES SALAAM (Capital Markets in Africa) – ARM Cement Ltd. will convert 21.6 billion shillings ($208 million) owed by its Tanzanian unit into equity, Chief Executive OfficerPradeep Paunrana said. The Nairobi-listed company guaranteed Maweni Limestone Ltd.’s debt, including facilities amounting to 5 billion shillings loaned by the Trade and Development Bank, Development Bank of Southern Africa Ltd. and the East African Development Bank. ARM’s auditors raised concerns over the loan because the company had not…

DAR ES SALAAM (Capital Markets in Africa) – Swala Oil & Gas Tanzania Plc extended by two weeks the second and third closing off as much as $130 million investment in Orca Exploration Group Inc.’s Mauritian unit to July 13 from June 29, the company said. Extension to the second and third closing dates “have been necessary because of the preferred change of listing venue” for $50 million of bonds, the Dar es Salaam-based company said in…