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African Bank Limited And Grindrod Financial Holdings Limited

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African Bank Limited And Grindrod Financial Holdings Limited

Tribunal sitting
Photo by Supplied by Competition Tribunal

23rd September 2022

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/ MEDIA STATEMENT / The content on this page is not written by Polity.org.za, but is supplied by third parties. This content does not constitute news reporting by Polity.org.za.

 The Tribunal has unconditionally approved the large merger wherein African Bank Limited (“African Bank”) intends purchasing all of the issued ordinary shares in Grindrod Financial Holdings Limited (“Grindrod FH”) and all of the issued preference shares in Grindrod Bank from Grindrod Limited as one indivisible transaction (“proposed transaction”).
 
The primary acquiring firm is African Bank, which is wholly owned and controlled by African Bank Holdings (“African Bank Holdings”). African Bank Holdings is the bank holding company. The core activities of the acquiring group are the banking activities conducted by African Bank. African Bank’s current banking activities focus on consumer facing retail banking with a particular strength in unsecured and micro-lending.
 
The primary target firm is Grindrod FH, which is wholly owned and controlled by Grindrod Limited. Grindrod FH is a bank holding company which holds interests in Grindrod Bank and GFH Investments. Grindrod Bank specialises in providing financial services to private, corporate, and institutional clients.
 

Berkshire Hathaway Inc And Alleghany Corporation 

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The Tribunal has unconditionally approved the large merger whereby Berkshire Hathaway Inc. (“Berkshire”), through O&M Acquisition Corp. (“Merger Sub”), intends to acquire the outstanding voting securities of Alleghany Corporation (“Alleghany”). Following the implementation of the proposed transaction, Berkshire will acquire sole control over Alleghany.
 
Berkshire is a holding company incorporated in accordance with the laws of the State of Delaware. Its stock is publicly traded on the New York Stock Exchange. Through its subsidiaries, Berkshire is engaged in insurance and reinsurance, a freight rail transportation business and a group of utility and energy generation and distribution businesses. Berkshire also owns and operates other businesses involved in manufacturing, services, retailing and other activities. Berkshire controls various firms in South Africa.
 
Alleghany is also incorporated in accordance with the laws of the State of Delaware and its stock is also publicly traded on the New York Stock Exchange. Alleghany owns and supports operating subsidiaries and manages investments, anchored by its property and casualty reinsurance and insurance businesses. Alleghany’s activities in South Africa include the provision of non-life reinsurance and professional construction consultancy services as well as the sale of toys through distributors.
 

Glacier Financial Solutions (Pty) Ltd And the Absa LISP business

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The Tribunal has approved, subject to an employment-related condition, the large merger whereby Glacier Financial Solutions (Pty) Ltd (“Glacier”) intends to acquire majority shares in the linked investment service provider (“Absa LISP”) business, a division of Absa Investment Management Services (Pty) Ltd (“AIMS”). Post-merger, Absa LISP will be part of Glacier, and by extension, Sanlam Limited (“Sanlam”).
 
Glacier is a wholly owned subsidiary of Sanlam Life Insurance Ltd (“Sanlam Life”) which is, in turn, a wholly owned subsidiary of Sanlam. Sanlam is a diversified financial services group.
 
The transferring ABSA LISP Business is a division of AIMS. AIMS is a wholly owned subsidiary of the ABSA Group. AIMS is licensed to operate as an administrative financial service provider through its linked investment service provider, Absa LISP.
 

 

Issued by Gillian de Gouveia, Communications Officer on behalf of the Competition Tribunal of South Africa
 

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