The US financial services group has reached a deal for 14.8% of Alexander Forbes, and is looking to acquire up to about a third
New York-listed investment manager Prudential Financial has reached a deal to pick about a R1.05bn, or 15% stake in financial services group Alexander Forbes, and is looking to increase this to about a third.
Prudential Financial, through subsidiary LeapFrog investments, is seeking access to Africa’s fast-growing market for financial services, and has agreed to buy 200.8-million shares, or 14.8% of the group’s issued share capital, at R5.25 apiece. This represents an almost 40% premium to the R3.76 the group’s shares fetched at Thursday’s close...
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