Finance | - Part 3

Alexander Forbes Weighs Deals Involving 22 African Targets

JOHANNESBURG (Capital Markets in Africa) – Alexander Forbes Group Holdings Limited, a South African provider of retirement, investment and insurance services, said it is sifting through 22 potential targets for deals on the continent as part of an expansion drive to accelerate profit growth. The deals range from small acquisitions and partnerships to “meaningful game changers,” mainly in South Africa, Nigeria, Ghana, Kenya and Morocco, Chief Executive Officer Andrew Darfoor said in an interview at Bloomberg’s Johannesburg offices…

CRH Is Said Among Firms Mulling Bid for South Africa’s PPC

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LAGOS (Capital Markets in Africa) – CRH Plc is among companies considering a counter bid for PPC Limited that could trump an offer by Canada’s Fairfax Financial Holdings Ltd., according to people familiar with the matter, adding a potential new twist to the battle for South Africa’s largest cement maker. The Irish building-materials supplier has held early deliberations about pursuing an acquisition of the Johannesburg-based company, said the people, who asked not to be identified as the plans aren’t public….

PIC Is Said to Mull Backing Bid for Chevron’s South Africa Unit

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JOHANNESBURG (Capital Markets in Africa) – Africa’s biggest fund manager is interested in taking part in the acquisition by Glencore Plc and a group of black South African-owned companies of Chevron Corp.’s assets in the country, according to three people familiar with the matter. The Public Investment Corp., which manages the pension funds of South African government workers, could buy a portion of the business from Glencore or the minority owners, said one of the people,…

Former Cargill Manager Buys Dutch Cocoa Factory With Partners

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ABIDJAN (Capital Markets in Africa) – Pieter Schulting, a former manager at Cargill Incorporation, and two partners have bought Dutch cocoa processor Jan Schoemaker BV. A deal for the 94-year-old company, the last independent cocoa factory in the Netherlands, was signed in late September, according to Schulting. The partners, Daan Reitsma and Paul Silva da Cruz, are managers at Jan Schoemaker. He didn’t disclose the value of the deal. The new management is now operating the…

PPC Investor Says Fairfax Offer Should Be More Than 43% Higher

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JOHANNESBURG (Capital Markets in Africa) – PPC Limited is worth at least 43 percent more than what Canada’s Fairfax Financial Holdings Ltd. has offered for the share component of its bid, according to the holder of about 5 percent of stock in South Africa’s biggest cement maker. Value Capital Partners is among PPC investors who oppose the Fairfax bid for 2 billion rand ($145 million) worth of shares at 5.75 rand each, the Johannesburg-based money manager said in…

Congo Halts Sicomines Copper Exports, Orders Local Refining

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo ordered Sinohydro Corporation and China Railway Construction Corp.’s local mining venture to stop exporting unprocessed copper and cobalt and refine all its metals within the country. Sicomines must ship “only high-value products” as the government looks to “ensure the prompt repayment” of the country’s continuing $6 billion minerals-for-infrastructure deal with China, Mines Minister Martin Kabwelulu said October 2 in response to questions sent by text message….

Anadarko Brings Mozambique Plan Nearer to Fruition With PTT Deal

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MAPUTO (Capital Markets in Africa) – Anadarko Petroleum Corp. moved nearer to greenlighting a natural-gas project in Mozambique as it struck a deal to sell some of the fuel to Thailand’s national energy company. PTT Pcl will buy 2.6 million tons a year of liquefied natural gas under a long-term contract starting in 2023, Chief Operating Officer Wirat Uanarumit said Monday in Bangkok. That’s about a quarter of the amount that must be contracted to bring the project to…

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