M&A Roundup: MTN, Edcon and Clover continue making headlines

Competition Tribunal approves some mergers, Seacom and Stor-Age acquire 100 percent stakes.

MTN plans to sell its 53 percent shareholding in Botswana’s Mascom Wireless to Econet Wireless for $300 million. MTN’s shareholding didn’t give it control of Mascom and the power to execute strategy, paving the way for the company to sell its shareholding. 

Read more: MTN confirms sale of Botswana business unit 

Edcon has secured R2.7 billion in new cash and rent deductions from its secured lenders, government pension fund and landlords as part of a recapitalisation programme. 

Read more: South Africa’s Edcon secures R2.7 billion cash from public and landlords

South Africa’s Competition Commission has recommended that the Competition Tribunal conditionally approve Glencore’s proposed acquisition of the Chevron South Africa assets. 

Read more: South Africa’s competition watchdog approves Glencore’s Chevron merger 

Seacom has completed its 100 percent acquisition of FibreCo after being approved by the South African Competition Commission and is set to expand Seacom’s African footprint. 

Read more: Seacom completes its acquisition of FibreCo 
 
Royal Bafokeng Platinum plans to conduct a R1 billion rights issue in order to finance the upgrade of the Maseve concentrator plant bought last year from Platinum Group Metals for $58 million. 
 
The proceeds of the rights issue will also go towards lifting metal-bearing ore production to 230,000 tons a month from 150,000 tons at its Styldrift project In terms of the offer, which is nearly 75 percent supported by shareholders, RBPlat will issue about 46.8 million shares at a subscription price of R22 per RBPlat share.
 
Read more: RBPlat embarks on a R1 billion rights issue 
 
Stor-Age has acquired a 100 percent stake in Viking Self Storage Bedford for R224.3 million. The acquisition has been concluded through Stor-Age’s subsidiary, Betterstore Properties UK.
 
Read more: Stor-Age buys more UK-based storage facilities 

Johann Vorster, CEO of South African dairy producer Clover Industries, said a consortium that has proposed a R4.8 billion buyout offer of the company is excited and has already identified big plans for increased capital expenditure.
 
“We are excited [about the transaction]. They [the consortium] have identified huge plans for increased capital and want everything to be reinvested in the business. This is a type of Foreign Direct Investment we need,” Vorster said in an interview with South Africa’s Business Day TV.
 
Read more: Clover brushes off boycott threats on its R48 billion buyout 
 
Séché Environnement Group has acquired 100 percent of all issued shares of Interwaste Holdings, which has been delisted from the Johannesburg Stock Exchange (JSE). 
 
Read more: Séché Environnement finalises interwaste acquisition