More on Barclays
Barclays: South African acquisition
Barclays issued a brief statement confirming that it met the South African Minister of Finance,the Governor of the South African Reserve Bank and Absa. Barclays is interested in acquiring Absa, South Africa’s fourth-biggest bank by assets.
Barclays was apparently presented with a number of conditions by the Minister. A spokeswoman for Barclays in South Africa, Liz Hooper told news reporters that the “conditions are numerous detailed and wide-ranging. Both Absa and ourselves will have to study them carefully and consider our response”
No decision regarding regulatory approval will be made until such time as Absa and Barclays have reverted to the Minister on how the transaction meets South Africa’s banking rules and maintains the soundness South Africa’s financial system.
Barclays is yet to agree an offer with the Absa Board and with major shareholders but media speculation put the bid at as much as US$4.5bn. Absa’s market capitalisation is US$8bn.
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