Barclays Africa takeover bid fails

Barclays-Bank

BARCLAYS Africa and the parent company of Barcalys Zimbabwe have failed to reach an agreement for the purchase of its assets in Zimbabwe and Egypt, further excluding the two units from the group’s consolidation plans.

“Shareholders are referred to the cautionary announcements dated 31 July, 14 September and 27 October 2015 regarding the potential combination of Barclays Bank PLC’s 100% holding in Barclays Bank Egypt SAE and 67,7% holding in Barclays Bank of Zimbabwe Ltd with Barclays Africa Group, the group said in a statement released on Thursday.

“Shareholders are advised that, following extensive discussions, Barclays Africa Group and Barclays Bank PLC could not agree key commercial terms and have decided not to proceed with the proposed combination. Therefore our cautionary is withdrawn and shareholders no longer need to exercise caution when dealing in Barclays Africa Group shares.”

Zimbabwe and Egypt were excluded from a 2013 deal that saw Barclays Africa acquire operations in the region citing from Barclays Plc, its parent company, citing political uncertainty.

Barclays Bank Plc has a 67,7% shareholding in Barclays Bank Zimbabwe which is listed on the Zimbabwe Stock Exchange.-Staff Writer

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