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Bidvest of South Africa Agrees to Buy Banking Unit of Grindrod

July 2 (Bloomberg) -- Bidvest Group Ltd., South Africa’s second-biggest company by revenue, agreed to buy the banking unit of Grindrod Ltd. for an undisclosed amount.

“The acquisition of Grindrod Bank will add scale to Bidvest’s financial services offering,” the Johannesburg-based company said in a statement. “The businesses are complementary and the expanded product and service offering will benefit clients.”

Bidvest, which has a range of businesses including car sales and food delivery, bought a 34.5 percent stake in Adcock Ingram Holdings earlier this year to add pharmaceuticals to its portfolio. Grindrod, based in Durban, is Africa’s largest shipping company,

Bidvest shares gained 0.3 percent to 282.37 rand as of 1:30 p.m. in Johannesburg. Grindrod shares increased 1.4 percent to 26.79 rand.

To contact the reporter on this story: John Bowker in Johannesburg at jbowker2@bloomberg.net

To contact the editors responsible for this story: James Boxell at jboxell@bloomberg.net Hilton Shone, Jacqueline Mackenzie

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