New Zealand authorities have indicated that the disposal to French dairy company Lactalis International could be approved this month, said the people, who asked not to be identified because negotiations are private. As part of finalizing the deal, the division will then be restocked, the people said.
The 740 million-euro transaction is central to helping Aspen slash a growing debt pile that’s been worrying investors. Africa’s largest drugmaker said last month that closure on the deal had been pushed out to the end of May from the end of December, triggering the stock’s biggest one-day slump in almost 21 years.
The shares rose 5.4 percent to 97.60 rand as of 1:43 p.m. in Johannesburg, valuing Aspen at 44 billion rand . The stock is still down 31 percent since the most recent delay to the sale was announced March 8. Aspen’s borrowings include a 1 billion euro loan that matures in May 2020 and a 500 million euro facility due May 2022, according to data compiled by Bloomberg. The South African company has said it will look to exit some of its other non-core European businesses, to focus on selling hormones, anesthetics and anti-retrovirals in emerging economies.
While the New Zealand regulator has received an application in relation to Lactalis’ acquisition of Aspen’s nutritional business, it’s unable to give a date for its decision, a spokeswoman said in an emailed response to questions. Aspen and Lactalis declined to comment.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Debt, State Firms Are Risks to South Africa Rating, Moody’s SaysSouth Africa may struggle to hang on to its sole investment-grade credit rating if economic growth persists at weak levels and if government debt and risk from state-owned companies rises, Moody’s Investors Service said.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Lagarde Says Global Economy Has Lost Momentum Since JanuaryGlobal growth has lost momentum since the start of the year, leaving the world economy in a “precarious” position, IMF Managing Director Christine Lagarde said.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: The curious duality of SA’s first business quarterThe Johannesburg Stock Exchange is up as the curtain closes on the first quarter of 2019, which will cheer the bruised bank accounts of SA’s investors. It’s been a rising quarter, but also, weirdly, a bit of a calamity. Welcome to the strange world of the JSE, circa 2019.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Mboweni Rebukes South African Roads Agency for Risking RatinFinance Minister Tito Mboweni urged the South African National Roads Agency SOC Ltd. to reverse a decision not to chase down people who aren’t paying electronic tolls to fund a freeway upgrade around Johannesburg and Pretoria. He's trying to be hero at the expense of the poor people of south africa this one of kigali !
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Friday: Five Things You Need to Know to Start Your DayThe U.S. says it’s prepared for trade talks to take longer, America’s economy slowed last quarter and Brexit continues to dumbfound. Here are some of the things people in markets are talking about.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Lyft’s IPO Gives Green Light to Tech Companies Going PublicThe first big U.S. technology listing of the year got off to a stellar start Thursday as Lyft Inc. sold more shares than expected at the top of an elevated price range
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: African e-commerce leader Jumia to list on NYSE for $1.1bnAfrican online retailer Jumia has announced its listing price on the New York Stock Exchange which values the company at about $1.1bn confirming its status as the first African tech “unicorn” to enter the public market.
Source: dailymaverick - 🏆 3. / 84 Read more »