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HSBC bidding for NED

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Valued Contributor
the 52% odd that OML owns ..
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14 REPLIES 14
Super Contributor
Government will not let a another SA bank slip into foreign hands, will it?
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Super Contributor
effectively OM is foreign as its primary listing is in London..
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Valued Contributor
good point, but I not sure that that logic isn't a stretch ?? I am sure I recall comments after the ASA deal about no more ??
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Super Contributor
Simon, would the SA Government legally be able to prevent OM selling its stake if it is in London? I know OM would need to take into account the political aspect and the impact this would have on its SA business...
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Regular Contributor
As I understand it, OML is selling it's shares in the bank so government can't theoretically influence their decision. Is this correct? My concern is what will OML to do with the cash ... dividends or executive bonus?
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Valued Contributor
yes, the banking regulator has to approve (as with ASA and SBK deals) .. the NED/SBK take over from 1999 was squashed by the regulator ..
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Valued Contributor
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Super Contributor
HSBC is proposing to buy OML's share is Nedbank. Now, Simon and everyone else, explain this to me: why is Nedbank's share price going up?what is the benefit to Nedbank shareholders (other than OML)?
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Valued Contributor
they will offer a price above fridays close .. but also they are offerign for 70%, OML only owns 52% .. and likely it will be an equal offer to all share holders to sell the 70% at the price .. much like ASA and SBK deals ..
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Super Contributor
two average businesses and the family silver has already gone- HSBC can only do a better job with Nedbank.
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Super Contributor
appartently the offer is at R140 per share...
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Super Contributor
The "big deal" is to get Government approval... and that wont happen! OM best chance is to sell NED to a SA company.
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Super Contributor
If they sell to a SA company, the competition board will have an issue - i personally think this will go through...
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Super Contributor
AJT...It's a Chinese Bank, damn right it's going through, it will pass go, drop off 200 and collect the get a out of jail free card!...hopefully they play their cards right and if they have half the nous of Capitec they should do well.
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