Cyril Ramaphosa, who took office yesterday as South Africa’s deputy president, agreed to trade his interests in regulated businesses in exchange for stakes in consumer goods companies to avoid conflicts of interest, according to two people with knowledge of the matter.
Afrisam Ltd.’s largest shareholders, including Holcim Ltd., said they oppose a takeover bid by South Africa’s government-owned pension fund manager because it will undermine efforts to redistribute wealth to black investors.
MTN Group Ltd. ’s outgoing Chief Executive Officer Phuthuma Nhleko said he regrets the company’s failure to buy assets of Orascom Telecom Holding SAE and the transaction “still may come back,” the Sunday Times reported.
BHP Billiton Ltd., the world’s biggest mining company, said it will provide funding to assist a group of black investors led by Pembani Group (Pty) Ltd. to buy a stake in its South African energy coal unit.
Phuthuma Nhleko, former chief executive officer of MTN Group Ltd., Africa’s largest wireless operator, said allegations that MTN paid bribes and promised votes in exchange for a license in Iran aren’t true.
MTN Group Ltd., Africa’s largest mobile-phone operator, approached banks for $5 billion to help fund the acquisition of units from Egypt’s Orascom Telecom Holding SAE, three people with knowledge of the plan said.