/ 13 February 2000

STANBIC GETS LEAVE TO APPEAL

STANDARD Bank Investment Corporation (Stanbic) said on Thursday that the High Court has granted it leave to appeal against a court ruling in favour of Nedcor, whose hostile takeover bid it is fending off. A Nedcor official said that it was disappointed at the decision, which could delay its approach for many months. On Monday, Stanbic lost its bid to get the high court to rule that both the Competition Acts and Banks Act should perform as parallel authorities to adjudicate whether Nedcor’s takeover approach, which it has rejected, be allowed to proceed.Thursday’s ruling will allow Stanbic to argue its case in front of the Supreme Court.