Finance | - Part 122

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

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,…

Mozambican Companies Criticized Over Debts Slam Kroll Audit

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MAPUTO (Capital Markets in Africa) – Three state-owned Mozambican companies whose government-guaranteed debts led the gas-rich nation to default have criticized an audit by Kroll LLC that questioned their actions in the scandal. The companies queried two key findings by Kroll, including that more than $500 million of debt remains unexplained, and said the entire maritime security project that the loans funded “was public from day one,” according to a letter from their lawyers, Alexandre…

Ivory Coast Targets First Direct Flight to U.S. by Early 2018

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ABIDJAN (Capital Markets in Africa) – Ivory Coast is in talks with three African airlines to operate the first direct route to the U.S. by early 2018 as the West African nation seeks to attract more investors to its fast-growing economy. The most advanced discussions are with Ethiopian Airlines Enterprise, which is due to send a delegation to Ivory Coast before the end of the month, Transport Minister Amadou Kone said in an interview. Africa’s largest…

South African Airways Is Said to Hire Aviation Veteran to Meet Lenders’ Terms

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JOHANNESBURG (Capital Markets in Africa) – South African Airways has agreed to hire a restructuring expert to help turn around the state-owned airline and meet conditions laid down by lenders to roll over debt, according to two people familiar with the matter. Incoming Chief Executive Officer Vuyani Jarana met with British industry veteran Peter Davies last month and he agreed to help try to return SAA to profit, said the people, who asked not to be identified as the…

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…

Naspers Buys $775 Million Stake in German Online Food Group

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JOHANESBURG (Capital Markets in Africa) – Naspers Ltd. agreed to pay 660 million euros ($778 million) to boost its stake in Germany’s Delivery Hero AG as Africa’s biggest company increases its exposure to the online food-delivery market. The Cape Town-based media and technology business will buy stock from Rocket Internet SE at 29.50 euros a share, it said in a statement on Thursday. That’s a discount of 12 percent based on Wednesday’s closing price, making the South African company the…

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