South Africa’s minister in charge of embattled state-owned companies gave an impassioned defense of the sale of a majority stake in the national carrier for about $3 -- a deal that’s subject to a lawsuit from one of the spurned bidders.
The privatization of South African Airways is a vital reform for the country’s battered economy, Public Enterprises Minister Pravin Gordhan, 73, said in an interview at Bloomberg’s Johannesburg office. The winning bidder -- a partnership between a domestic aviation group and private equity firm -- was the one left with the most credible financial backing and industry experience, he said.
