Also: Standard Bank writes down stake in ICBCS and Group Five Projects business sold to the Teichmann Group
Prosus, the new Naspers-owned global digital company, has made a hostile bid for the UK-based food delivery company Just Eat.
"We believe our global experience and resources can help Just Eat to achieve its significant potential. Our plan is to support the Just Eat management team, with whom we have worked closely as joint investors in iFood, to deliver on the exciting opportunities to grow the business,” Prosus group CEO Bob van Dijk (pictured) said.
Shareholders of Tiso Blackstar Group have voted in favour of the sale of the group’s media assets to Lebashe Investment Group for R1.05 billion.
The deal will see the disposal of media, broadcasting and content assets in SA, Nigeria, Ghana and Kenya, as well as the SA radio assets. The Competition Commission has recommended that the Competition Tribunal approve the transaction in October.
Bushveld Minerals has reduced the price of Vanchem Vanadium Products acquisition due to current market conditions.
Bushveld's original payment was $68 million, but this has been reduced to $53.5 million, of which $30 million will be in cash and the rest in convertible loan notes.
Read more: Bushveld gets discount on Vanchem purchase
Standard Bank has written down the value of its stake in associate ICBC Standard Bank (ICBCS) due to lower-than-anticipated client flows.
Standard Bank impaired its 40 percent stake in ICBCS by a further R2.4 billion for the three months ending September according to a regulatory filing published for the benefit of Standard’s largest shareholder, the Industrial and Commercial Bank of China (ICBC).
The business rescue practitioners (BRPs) of Group Five announced the successful sale of the Group Five Projects business to the Teichmann Group.
The transaction includes various of Group Five’s African construction businesses, which are market leaders in the structural, mechanical, electrical, instrumentation and piping construction industries throughout Africa. The transaction includes all assets, including the construction plant and equipment in these locations. An existing construction project at a mine in Zambia will still be completed by Group Five, as will a project in South Africa.
Read more: Group Five sells another business
Emira Property Fund is selling down its stake in Growthpoint Australia and turning its focus to the world’s largest real estate market, the US, where it plans to entrench its position.
Emira is planning for its US assets to make up 15 percent of its overall portfolio in the next two years. Its US investments, mainly grocery-anchored convenience retail centres, already make up about 8 percent of the overall portfolio. Emira owns a 2.4 percent stake in Growthpoint Australia, worth about R800 million based on a share price of A$4.29.