Company Data
| Last traded |
R158.90 |
| Change |
R1.50 |
| % Change |
0.95% |
| Cumulative volume |
410,042 |
| Market cap |
R80.63bn |
| Last traded |
R19.23 |
| Change |
R0.32 |
| % Change |
1.69% |
| Cumulative volume |
6.05m |
| Market cap |
R106.96bn |
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Johannesburg
- Shares in Nedbank Group [JSE:NED] jumped more than 3% on Thursday, following a
Sky News report which linked the financial services firm to a takeover by
Europe's biggest bank HSBC Holdings.
At 11:26
Nedbank was trading at R131.90, up 478c (3.7%) from Wednesday's closing price
of R127.12.
Earlier on
Thursday, Sky News reported HSBC is in the early stage of evaluating a bid for
Nedbank.
HSBC has
appointed investment bank Lazard to advise on a possible takeover deal, which
would cost several billions of pounds, Sky said.
However,
insurer Old Mutual [JSE:OML], which owns about 54% of Nedbank, is not in talks
with potential buyers at the moment, Sky said.
Officials
for HSBC, Nedbank, Lazard and Old Mutual all declined to comment.
A source
familiar with the matter told Reuters in May that Britain's Standard Chartered
was interested in buying Old Mutual's stake in Nedbank.
For HSBC,
buying a majority stake of South Africa's fourth-largest bank would bulk up its
presence in Africa's biggest economy and give it a strong platform for
expansion on the fast-growing continent.
Old Mutual
has been under pressure from some investors to review its sprawling structure
after a strategic overhaul in March included the planned sale of its US life
insurance unit, but disappointed hopes of a more far-reaching shake-up.
Africa is
increasingly seen as an attractive investment destination, thanks to abundant
resources and rising personal incomes.
-
Reuters & Fin24.com