
Dominic Sewela's Barloworld $1.2 billion bid gets PIC backing
The PIC has pledged its support by agreeing to accept a standby offer for 41.6 million Barloworld shares, which translates to 21.93 percent of the company’s total issued shares.
The PIC has pledged its support by agreeing to accept a standby offer for 41.6 million Barloworld shares, which translates to 21.93 percent of the company’s total issued shares.
UK-based investor Silchester rejects $1.24-billion offer, arguing it undervalues the company and lacks sufficient shareholder backing.
The potential deal could reshape Africa's heavy equipment market.
The group’s revenue for the period under review was R15.6 billion ($827.67 million), reflecting a 5.5-percent decrease from R16.5 billion ($874.29 million) in the previous year.
Sewela, the group CEO of Barloworld, holds a 0.23-percent minority stake in the South African industrial powerhouse.