JOHANNESBURG – South Africa’s securities regulator has agreed to waive a mandatory takeover offer rule after Britain’s Barclays acquired a controlling stake in banking group Absa, Barclays said yesterday.
Barclays said in a statement that the Securities Regulation Panel (SRP) had agreed to waive a rule calling for a mandatory offer to Absa shareholders after the UK banking group bought a 56,1 per cent stake in Absa for around 28 billion rand. It also waived a rule restricting Barclays acquiring more than five percent of shares in Absa for a year after its offer for Absa became unconditional, provided Barclays’ stake in South Africa’s biggest consumer bank does not exceed 60 per cent.-Nampa-ReutersIt also waived a rule restricting Barclays acquiring more than five percent of shares in Absa for a year after its offer for Absa became unconditional, provided Barclays’ stake in South Africa’s biggest consumer bank does not exceed 60 per cent.-Nampa-Reuters
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