{"id":839681,"date":"2025-04-07T18:13:21","date_gmt":"2025-04-07T23:13:21","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/07\/saudis-1-2-billion-barloworld-offer-gets-glass-lewis-iss-nod\/"},"modified":"2025-04-07T18:13:21","modified_gmt":"2025-04-07T23:13:21","slug":"saudis-1-2-billion-barloworld-offer-gets-glass-lewis-iss-nod","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/07\/saudis-1-2-billion-barloworld-offer-gets-glass-lewis-iss-nod\/","title":{"rendered":"Saudi\u2019s $1.2 Billion Barloworld Offer Gets Glass Lewis, ISS Nod"},"content":{"rendered":"<article aria-labelledby=\"articleTitle\" data-wcm-id=\"c3b48d4d-69de-4e7e-b804-1eaa22ec9053\">\n<header aria-label=\"Beginning of Article\">\n<div>\n<div>\n<p>Barloworld Ltd. shareholders should accept a takeover offer for the Caterpillar-equipment distribution business in Africa because it\u2019s a good deal, according to recommendations by two proxy advisory companies.<\/p>\n<div>\n<div>\n<p>Author of the article:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"Bloomberg News\" src=\"https:\/\/secure.gravatar.com\/avatar\/2c61c569c35df1bfebdf8601ae03b90f?s=70&#038;d=mp\"  aria-labelledby=\"wire-company-name\" height=\"70\" width=\"70\"><\/p>\n<div>\n<p>Bloomberg News<\/p>\n<p>Loni Prinsloo<\/p>\n<\/div>\n<\/div>\n<p><span>Published Feb 12, 2025<\/span> \u00a0\u2022\u00a0 <span>2 minute read<\/span><\/p>\n<\/div>\n<\/div>\n<figure data-aqa=\"featured-image\"><picture><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=564&#038;h=423&#038;type=webp&#038;sig=-YiBOVDlV1RnCG2zp7TdEA, \nhttps:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=1128&#038;h=846&#038;type=webp&#038;sig=O7GNePpBX4ZGKm6lnUbEvg 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=564&#038;h=423&#038;type=jpg&#038;sig=AJmhGX-7kvlycjhY-Tv5bg, \nhttps:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=1128&#038;h=846&#038;type=jpg&#038;sig=SvwnwGxL_uVfUonZ9SD1VA 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=472&#038;h=354&#038;type=webp&#038;sig=nfRWZloiy4ELbuNEl6TNdw, \nhttps:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=944&#038;h=708&#038;type=webp&#038;sig=Qq4sVBtmdPGjJZA2t7wvTA 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=472&#038;h=354&#038;type=jpg&#038;sig=R93IPk7AHv5ZVBR0XDzRLg, \nhttps:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=944&#038;h=708&#038;type=jpg&#038;sig=Kz5ZW1p69x3TP5Q--NaXhQ 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=288&#038;h=216&#038;type=webp&#038;sig=2xIU-E5sDJ1PBbew5jm7pg, \nhttps:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=576&#038;h=432&#038;type=webp&#038;sig=RtXWLF6iNjX_t9qN7ebILg 2x\" type=\"image\/webp\"><img loading=\"lazy\" decoding=\"async\" alt=\"Caterpillar Inc. machinery.\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=288&#038;h=216&#038;sig=i-u6o_8JMHpBKHumno8m2g\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=288&#038;h=216&#038;sig=i-u6o_8JMHpBKHumno8m2g,\n                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/776054453.jpg?quality=90&#038;strip=all&#038;w=576&#038;h=432&#038;sig=mnUOEyEICF5xj7mU2yROig 2x\" height=\"750\" width=\"1000\"><\/picture><figcaption><span>Caterpillar Inc. machinery.<\/span> <span>Photo by Angus Mordant<\/span> \/<span>Bloomberg<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section>\n<p>(Bloomberg) \u2014 Barloworld Ltd. shareholders should accept a takeover offer for the Caterpillar-equipment distribution business in Africa because it\u2019s a good deal, according to recommendations by two proxy advisory companies.<\/p>\n<\/section>\n<section>\n<p>Article content<\/p>\n<\/section>\n<section>\n<p>Article content<\/p>\n<p>The offer by a unit of Saudi Arabia\u2019s Zahid Group and local partners for 120 rand per share, or 23 billion rand ($1.2 billion), is fair value, according to Institutional Shareholder Services Inc. and Glass Lewis &#038; Co.\u00a0<\/p>\n<\/section>\n<section data-aqa=\"identity-sign-in\" data-async id=\"article-block\">\n<header>\n<div>\n<p><img decoding=\"async\" alt=\"Financial Post\" height=\"37\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.3.3\/websites\/images\/identity\/logo-identity-fp.svg\" width=\"280\"><\/p>\n<div>\n<p>THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/p>\n<p>Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul>\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div>\n<p>SUBSCRIBE TO UNLOCK MORE ARTICLES<\/p>\n<p>Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul>\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div>\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p>Create an account or sign in to continue with your reading experience.<\/p>\n<ul>\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<div>\n<p>THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.<\/p>\n<p>Create an account or sign in to continue with your reading experience.<\/p>\n<ul>\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div data-auth-component id=\"auth-screen-form\" aria-live=\"assertive\">\n<h2>Sign In or Create an Account<\/h2>\n<p><span><\/span><span>or<\/span><span><\/span><\/p>\n<\/div>\n<\/section>\n<section>\n<p>Article content<\/p>\n<p>The proxy companies said they also took into consideration independent due diligence by Rothschild &#038; Co., which estimated the stock is worth between 105.53 rand and 119.43 rand per share.<\/p>\n<p>\u201cThis proposal offers shareholders an attractive opportunity to exit the stock at a reasonable cash premium,\u201d San Francisco-based Glass Lewis recommended in a note. Separately, ISS said \u201cthe offer is at an attractive premium.\u201d\u00a0<\/p>\n<p>The two companies didn\u2019t comment further on emailed queries by the time of writing.\u00a0<\/p>\n<p>London-based investor Silchester International Investors LLP \u2014 which holds close to 18% of the company \u2014 has said it will reject any price below 130 rand a share. Barloworld has scheduled a final shareholder meeting on the deal for Feb. 26 and needs backing from 75% of its investors to push the current offer through.\u00a0<\/p>\n<p>Zahid\u2019s Gulf Falcon Holding Ltd. and Entsha Ltd., an entity linked to Barloworld Chief Executive Officer Dominic Sewela, announced the offer in December. At the time, the bid was a 30% premium on the day\u2019s closing price. The Saudi group started accumulating shares five years ago and holds a 19% stake.\u00a0<\/p>\n<\/section>\n<section>\n<p>Article content<\/p>\n<p>The price is final and no higher offer will be made, according to people familiar with the matter, who asked to remain unidentified because the talks are private.\u00a0<\/p>\n<p>The Saudi heavy-machinery group is betting on a surge in construction in Africa, driven by rapid urbanization, a growing middle class, and increased government investment in infrastructure. The industry could grow at a compound annual growth rate of 6.4% to $75 billion in market value by 2029, according to African online market-research firm Sabinet.\u00a0<\/p>\n<p>South Africa needs about 4.8 trillion rand in infrastructure investment from the state and private investors to revive sluggish economic growth, President Cyril Ramaphosa estimates.<\/p>\n<p>Companies from the Middle East are increasingly seeking investments in Africa as the region jockeys for influence with established players such as China and France.\u00a0<\/p>\n<p>ACWA Power, a Riyadh-based company, has signed a memorandum of understanding to invest $10 billion in South Africa\u2019s renewable-energy industry over the next decade.<\/p>\n<p>Dubai-based freight giant DP World Ltd. operates nine ports on the continent and bought South African transport firm Imperial Logistics Ltd.\u00a0<\/p>\n<\/section>\n<section>\n<p>Article content<\/p>\n<\/section>\n<p> Bloomberg News <br \/><a href=\"https:\/\/financialpost.com\/pmn\/business-pmn\/saudis-1-2-billion-barloworld-offer-gets-glass-lewis-iss-nod\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Barloworld Ltd. shareholders should accept a takeover offer for the Caterpillar-equipment distribution business in Africa because it\u2019s a good deal, according to recommendations by two proxy advisory companies. Author of the article: Bloomberg News Loni Prinsloo Published Feb 12, 2025 \u00a0\u2022\u00a0 2 minute read Caterpillar Inc. machinery. Photo by Angus Mordant \/Bloomberg (Bloomberg) \u2014 Barloworld<\/p>\n","protected":false},"author":1,"featured_media":839682,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87,25532],"tags":[5151,5176],"class_list":{"0":"post-839681","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-billion","8":"category-saudis","9":"tag-billion","10":"tag-saudis"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/839681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=839681"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/839681\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/839682"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=839681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=839681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=839681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}