Exchange-Listed Companies
Last week was all about a possible takeover by Canal+ SA of MultiChoice, this week the buzz is about Mondi’s interest in smaller peer DS Smith. Mondi has confirmed that it is in the early stages of considering a possible all share combination with DS Smith which it notes “represents an exciting opportunity to create an industry leader in European paper-based sustainable packaging solutions”. This is not the first time Mondi has shown interest in the LSE-listed UK multinational packaging business, it did so previously in 2021. While no firm takeover proposal has been made, under UK takeover rules Mondi has until 7 March to make a firm offer or walk away.
Interestingly the Takeover Regulation Panel has released a statement on SENS concerning the offer to MultiChoice minorities by Groupe Canal+ SA. Although the MultiChoice Board has rejected the offer and withdrawn its cautionary announcement, the Panel has advised shareholders to continue to exercise caution it is still engaging with the two parties.
Lesaka Technologies (previously Net 1 UEPS Technologies) is to acquire Touchsides, a data analytics and insights and merchant services company, from Heineken International. The acquisition aligns with Lesaka’s strategy of adding scale and broadening its service offering in the Merchant division. As part of the deal, Heineken’s operating business in SA has agreed to a long-term contract with Touchsides for access to its tavern data and services.
Sanlam’s offer to buyout minorities of CTSE-listed Assupol represents an offer price premium of 32%, at R15,23 per share, valuing the company at R6,5 billion. Assupol’s embedded value is R7,07 billion. Assupol’s major shareholders, Budvest (46.11%) and the International Finance Corporation, (19.36%) expressed and interest to exit the investment in early 2023. For Sanlam, Assupol represents a strong strategic fit and will enhance its position in the Retail Mass segment. Sanlam also announced that Sanlam Allianz Africa, its 60:40 joint venture with Allianz had completed a mandatory offer for Sanlam Maroc shares increasing its shareholding from 61.73% to 85.59% for a total consideration of R2,43bn.
Old Mutual Alternative Investments, through its Hybrid Equity capability, has announced a R125 million preference share facility to Afropulse Group, a black women-owned investment holding company. The facility will facilitate a restructure of its funding which is supported by a 6.56% equity shareholding in Imperial Logistics.
Announced in August 2023, the value of the investment by Mastercard into MTN Group Fintech has now been disclosed. Mastercard will invest up to US$200 million (c.R3,7billion) for a minority stake in the business at a valuation of $5,2 billion on a cash and debt-free basis.
Sable Platinum Holdings (SPH), a subsidiary of Sable Exploration and Mining, has taken a 2.5% stake in the unincorporated joint venture (Dense Medium Separation beneficiation plant) from IPace, in exchange for additional funding of R1 million required in the plant. SPH has granted IPace an option to buy back the stake at R1,3 million which expires on 31 October 2024.
DealMakers is SA’s M&A publication
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