South Africa

Investec offers £412m to acquire Rensburg Sheppards

South Africa based Investec has agreed to take over British wealth manager Rensburg Sheppards in a deal valuing the firm at £412m. According to some sources, the deal could be announced soon.

Investec already owns 48 per cent of Rensburg which it acquired more than five years ago.

The investment bank has reportedly offered 9 pounds per share to acquire the remaining 52 percent of the firm.

Investec Offers £412m to Buy Stake in Rensburg, Views it as a Good Investment

Investec will pay £412m for the remaining Rensburg stake. South Africa’s bank has given its consent to pay a sum of £412m for the shares that it does not already own in British wealth manager Rensburg Sheppards.

Investec is listed on London and Johannesburg stock exchanges. The deal has been finalized with an offer worth £9 a share from Investec to Rensburg, in order to buy 52 per cent of Rensburg.

South African President calls for lifting of sanctions on Zimbabwe

South African President Jacob Zuma has called for the lifting of sanctions against Zimbabwe. Mr. Zuma is on a three-day official visit to Britain.

He said that lifting the sanctions against Zimbabwe is a necessary step towards resolving Zimbabwe's political crisis.

Speaking on the topic, Mr. Zuma said, “It's going to be difficult [for the government] to get on with other matters if there are sanctions, because sanctions are one-sided.”

William Hill suffers loss; high hopes from world Cup

British betting group William Hill announced on Friday that this summer’s World Cup in South Africa will be the ‘event of the century’ for the betting industry.

William Hill suffered a fall of 59 per cent in pre-tax profit to 120.9 million pounds in 2009 due to low number of draws in the Premier League, while its telephone business slipped by 1.8 million pounds during the same period.

32% Rise Reported in Half Yearly Sales by Petra Diamonds

Petra Diamonds, the African mining group, has shared that it has managed to substantially benefit from the recovery that has been recorded in diamond prices, and the group's sales for the six months up-to December 31 2009 have surged by 32% to $62.4 Million.

During the aforementioned half year, a total of 572,227 carats were sold by the company, which is a rise of a whopping 55% as compared to the same period for 2008. The firm has shared that it is right on track to live up-to its production target of 1.2 million carats for the 2010 fiscal year.

Minerva Sells Office to Undisclosed Buyer, Rejects Kirsh's Hostile Bid

After rejecting a hostile takeover bid from South African investor Nathan Kirsh, who had put in an offer of 84.5 Million Pounds for its properties, the company has reportedly confirmed plans of selling the Wigmore Street property, in London's West End, to an undisclosed buyer.