Busy with corporate news, Sanlam announces a huge new acquisition, while MC Mining appears to have a serious offer with an eye on exiting the JSE. In international news, consumer internet giant Prosus is reportedly targeting the management of embattled Indian education technology giant Bijou, along with other shareholders.
Junior coal miner MC Miner announced that it has received an off-market takeover offer from a consortium that includes shareholders who hold a total of 64.3% of the company's stock. The proposed acquisition price of A$0.16 represents a 14.2% premium over the company's shares on the Australian Securities Exchange (ASX). The company soared 20% on Friday on the JSE. MC Mining, valued at around R611 million on the JSE at the start of trading on Friday, owns 70% of the Uitkomst coal mine, which produces metallurgical coal. However, much of the company's focus is on its flagship Makhado project in Limpopo, which produces coking and thermal coal for export and domestic use. The proposed capital value for the company would be approximately A$65.3 million (approximately R803 million). Goldway Capital Investments, the special purpose vehicle formed for the transaction, said the remaining listing costs could not be justified. The company has not been able to attract significant investment from outside the consortium, even though it is listed on three exchanges. MC Mining has a primary listing on the ASX and secondary listings on the JSE and the London Alternative Investment Market.
Sanlam, Africa's largest insurance company has announced a R6.5-billion takeover offer for life insurance company Aspor, with the aim of adding the company to its already large life insurance and savings portfolio. Aspol he was founded in 1913 as a burial society for members of the then South African Police Force. The company has grown into a full-fledged life insurance company that provides insurance and savings products to everyone, with the slogan “Serving those who serve.” As of the year ended June 2023, Sanlam's reserve value was R7 billion, while at the end of that period Sanlam reported a group reserve value of R61 billion for its covered operations. Both companies believe the combination is a good fit, with Sanlam focused on strengthening product offerings and routes to market, and Aspor saying the two companies share values such as socio-economic transformation. He said that The sale price will be a little less than one-third.
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