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01 Jul 2011

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Mercantile jumps 20% on Bidvest offer

Reuters

Johannesburg - Shares in Mercantile Bank Holdings [JSE:MTL] jumped 20% after the South African unit of Portugal’s Caixa Geral Depositos (CGD) said it has a takeover offer from the Bidvest Group [JSE:BVT].

Mercantile - 92% owned by state-run CGD - is up 20% at 30 cents, valuing it at nearly R1.2bn. Shortly before the market closed on Thursday, Mercantile said Bidvest made an offer of 35.5c/share to buy it all.

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