WEDNESDAY, 10.30AM
LONRHO considered Johannesburg Consolidated Investments’ merger proposals at a board meeting on Tuesday, but said no statement will be issued.
“We have nothing to add to last week’s statement which confirmed we are in preliminary talks about the financial benefits of a possible combination,” a company representative said.
London newspapers reported that Lonrho will insist on a 60% stake in any new entity, but it is understood that JCI has in mind just over 50%. Two other local mining houses, Avmin and Gencor are also interested in a possible merger with Lonrho.