/ 4 September 2008

Bidvest eyes stake in Nampak

Services group Bidvest, Africa’s biggest company by revenue, plans to acquire between 20% to 30% of shares in the continent’s top packaging company, Nampak, Bidvest said on Thursday.

South Africa’s Bidvest, whose revenue rose to R110-billion in the year to June, said it would offer one Bidvest share for every 7,50 Nampak shares and would make the offer no later than 3pm GMT on September 17.

Bidvest said the purchase of a stake in Nampak is part of its strategy, which has included acquiring 100% of its targets, and investing between 20% to 35% in businesses aligned to Bidvest’s operations.

Shares in Bidvest rose 0,5% to R112,55, while those of Nampak fell 1,4% to R15,76.

The proposed acquisition is subject to regulatory and shareholder approval, Bidvest said.

Both companies have businesses in Britain as well as in Europe and other countries in Africa. — Reuters