Top deals making headlines this week July
In focus this week: Afrimat, Quilter, EOH, Growthpoint Investec African Properties and more.
Afrimat, the South Africa-based industrial minerals company, has ditched its plan to takeover Universal Coal given the size and complexity of the deal.
In April, Afrimat made an offer for Universal Coal, which operates in South Africa. It offered a maximum price of A$0.40 (US27c) a share, a deal that would be worth about R2.15 billion. At the time, Afrimat CEO Andries van Heerden said the deal could make sense as South Africa – via power utility Eskom – was set to rely on coal-fired power stations for at least another 20 years. On Wednesday, the company pulled the plug on the deal. Read more here.
London-based Quilter is exploring the possible disposal of its life insurance business. Quilter, which is Old Mutual’s former wealth management business, said it is considering selling its Old Mutual Wealth Life Assurance unit.