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Saudi’s Zahid to reopen talks with Barloworld’s shareholders
Saudi Arabia’s Zahid Group will start fresh negotiations with the shareholders of South Africa’s Barloworld, after an initial acquisition offer was rejected. The consortium led by Zahid will seek to buy as many shares as possible so that its stake exceeds 50% in the distributor of Caterpillar Inc.’s equipment in Africa, Zahid’s head of investments, Augostino Sfeir, said in an interview. Zahid, which owns 19% of Barloworld, failed to get shareholder approval to acquire all the shares in the South African company, triggering a standby offer.
Saudi Arabia’s Zahid Group will start fresh negotiations with the shareholders of South Africa’s Barloworld, after an initial acquisition offer was rejected. The consortium led by Zahid will seek to buy as many shares as possible so that its stake exceeds 50% in the distributor of Caterpillar Inc.’s equipment in Africa, Zahid’s head of investments, Augostino Sfeir, said in an interview. Zahid, which owns 19% of Barloworld, failed to get shareholder approval to acquire all the shares in the South African company, triggering a standby offer.
