David Shapiro News
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As Wal-Mart Stores Inc. plotted an Africa strategy, buying Massmart Holdings Ltd. two years ago was just the right vehicle. With 377 stores across the continent and a strong position in South Africa, Massmart offered the Americans a firm foothold in a fast-growing region.
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Exchange-traded notes, which mimic investments in securities without an annual tax bite, would lose that edge under a proposal from the top Republican tax writer in Congress.
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South African stocks that do business in emerging markets, including BHP Billiton Plc and Kumba Iron Ore Ltd. , will rise 10 percent to 15 percent annually over the next three years, Sasfin Holdings Ltd. said.
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Bidvest Group Ltd. and Northam Platinum Ltd. are among at least 10 South African companies that could be acquisition targets for foreign bidders seeking growth opportunities in the wake of $15 billion worth of deals announced since July by Wal-Mart Stores Inc. , HSBC Holdings Plc and Nippon Telegraph & Telephone Corp.
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Wachtell, Lipton, Rosen & Katz advised PVH Corp., the owner of the Tommy Hilfiger brand, in its agreement to buy Warnaco Group in a $2.9 billion transaction, creating a company with $8 billion in sales and bringing all Calvin Klein-branded apparel under one roof. Skadden Arps Slate Meagher & Flom LLP advised Warnaco. Kirkland & Ellis LLP represents the Peter J. Solomon Company, financial adviser to PVH Corp.
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Deutsche Telekom AG, advised by Wachtell, Lipton, Rosen & Katz, Cleary Gottlieb Steen & Hamilton LLP, K&L Gates LLP and Wiley Rein LLP, agreed to combine its T- Mobile USA unit with MetroPCS Communications Inc. to create a bigger rival to market leader Verizon Wireless, after failing to sell the business to AT&T Inc. last year.
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South Africa’s broadest stocks index fell to a seven-week low as protesters in Egypt tried to topple President Hosni Mubarak , causing Moody’s Investors Service to lower the nation’s rating and curbing demand for riskier assets.
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South Africa’s gold stocks fell to the lowest level in two months after central bank governor Gill Marcus said growth is likely to remain low and on concern that little progress is being made in U.S. budget talks.
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Life Healthcare Group Holdings Ltd. , a South African hospital owner whose initial public offering would have been the continent’s biggest in at least a decade, cut the size of its planned IPO by as much as 35 percent as sales worldwide suffer setbacks amid stock-market volatility .
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Pick n Pay Stores Ltd., South Africa’s second-largest grocer, rose to a one-month high after the company announced plans for a limited dividend reduction and an expansion strategy in Africa.
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