Data provided by McGregor BFA
All data is delayed
Loading...
See More

PIC to back Absa-Barclays deal

Feb 25 2013 08:18 Reuters

Absa CEO Maria Ramos. (Picture: Absa)

Related Articles

Bad debts hit Absa earnings

Top Barclays man stepping down

Absa extends gains after Barclays deal

Absa appoints new board members

Absa to buy Barclays Africa for R18bn

Barclays/Absa shake-up to improve costs

 

Johannesburg - The government pension fund will vote in favour of Absa Group's plan to buy the African operations of its British parent Barclays, Business Day newspaper reported on Monday.

Absa's minority shareholders, including the Public Investment Corporation (PIC) pension fund, are due to vote on Monday on the bank's plan to issue $2bn in stock to Barclays, in exchange for the British lender's African businesses.

While the deal is dilutive, it also offers Absa exposure, the PIC told Business Day.

"We will support the deal primarily because this provides Absa with an immediate exposure to a higher growth trajectory market," the paper quoted an official for the pension fund as saying.

It did not give the name or title of the official.

The PIC is Absa's largest shareholder after Barclays, holding a little over 9% of the bank, according to Thomson Reuters data.  

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

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

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Zille: Only DA can challenge ANC in F State

The DA is the only party that can challenge the ANC in the Free State, opposition party leader Helen Zille says.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

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