South African insurers Metropolitan and Momentum said on Friday they will appeal a regulatory order that would prevent them from cutting jobs for two years following a planned merger.
South Africa’s competition watchdog last month approved the deal between the two, which would create South Africa’s third-largest insurer, on the condition there would be no job cuts for two years.
Metropolitan and Momentum, a unit of lender FirstRand, said in a statement they had submitted an appeal against the order. — Reuters