Loading...
See More

Absa shareholders back Barclays deal

Feb 25 2013 11:00 Reuters

Company Data

BARCLAYS AFRICA GROUP LIMITED [JSE:BGA]

Last traded 170.46
Change -0.54
% Change 0.00
Cumulative volume 2257469
Market cap 144.51bn

Last Updated: 30/10/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Absa appoints new board members

PIC to back Absa-Barclays deal

Absa BEE partner offloads R3.4bn stake

Barclays/Absa shake-up to improve costs

Absa extends gains after Barclays deal

Absa to buy Barclays Africa for R18bn

 

Johannesburg - Minority shareholders of Absa Group [JSE:ASA] on Monday overwhelmingly backed a plan to buy the African operations of parent Barclays for $2.1bn in new shares.

The deal, although dilutive to minority shareholders, is expected to give Absa greater exposure to fast-growing African markets.

The two banks will merge the bulk of their African businesses outside of South Africa, with Barclays relinquishing direct control of eight of its operations on the continent in exchange for 129.5 million new shares in Absa.

The R18.3bn will increase Barclays' stake in Absa, South Africa's third-largest bank by market value, to 62.3% from 55.5%.

Barclays had previously blocked ambitions by its subsidiary to spread further north, citing conflict of interests.

Shares of Absa were up 1.1% at R163.90 in morning trade.  

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

absa group  |  barclays
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...