/ 18 February 2000

STANBIC-NEDCOR COURT DATE SET

STANDARD Bank Investment Corporation (Stanbic) said on Friday that its appeal against a potentially harmful court judgment in a hostile takeover battle with smaller rival Nedcor will be heard next month. ”The Appeal Court hearing will take place on March 23 and 24 in Bloemfontein,” a Stanbic spokesman said. Lawyers had warned that it might take months for the appeal to be heard, but both Stanbic and Nedcor petitioned for an early court sitting to end uncertainty around the takeover bid. The appeal is against a Pretoria High Court verdict that only the finance minister and registrar of banks had the right to rule on Nedcor’s all-paper approach to Stanbic.