South Africa's PIC to back Absa-Barclays deal - report
February 25, 2013 5:21 PM EST
South Africa's government pension fund will vote in favour of Absa Group's plan to buy the African operations of its British parent Barclays
Absa's minority shareholders, including the Public Investment Corporation (PIC) pension fund, are due to vote Monday on the bank's plan to issue $2 billion 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 percent of the South African bank, according to Thomson Reuters data.
(Reporting by David Dolan; Editing by Vicki Allen)
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Russia's New Tactical Nuclear Weapons Program Growing Confident Against the US: Talks of World War III
- Apple and Google Engage in Thermonuclear War, New Google Translate Chat App in the Works
- Walmart Offers the Best 2014 Black Friday Deals on iPhone 6, iPad Ai2 & Other Gadgets – Reports
- Update Samsung Galaxy S5 to Android 4.4.4 KitKat, Sprint Release and Installation
- More Nexus 6 Problems Arise with Android 5.0 Lollipop, Poor Benchmark Results and Other Issues
- HTC One M8 Android 5.0 Lollipop Release Delayed: Other Schedule and Installation Guide
- Israel''s Al Aqsa and East Jerusalem Issues Threatening Its Multi Billion Gas Deal With Jordan