Gov fund thwarted over buyout

clock

SOUTH AFRICA - The state pension fund manager rejected a R25bn (US$3.5bn) bid by Bain Capital for the retailer Edgars Consolidated Stores Ltd, in which it controls 3%.

However, investors controlling over 80% of the remaining stock agreed to the R46 per share offer and frustrated the state pension fund manager, Public Investment Corp (PIC), which had deemed the of...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions
member?

Login

More on South Africa

Franklin Templeton appoints Africa head

SOUTH AFRICA - Asset management firm Franklin Templeton Investments has named Jo-Anne Bailey as director of its African division.

clock 03 November 2011 •

Comment: High-octane ESG

Last month I attended the Principal Officers Association Winter Conference in Johannesburg. The conference touched on many subjects: trustee education, transition management, etc. But the subject that seemed to ruffle feathers the most was incorporating...

Raquel Pichardo-Allison
clock 06 July 2011 •

South Africa: Updated regs open doors to new investments

Industry officials largely welcome the update to regulations over investment practices but the move to comply comes with some challenges, as Christine Senior reports

Christine Senior
clock 06 July 2011 •
Trustpilot