Zahid Offers $1.3 Billion for South Africa’s Barloworld
- Saudi Arabian equipment maker has offered 120 rand per share
- Silchester says its clients won’t sell for less than 130 rand
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Saudi Arabia’s Zahid Group and its local partners offered to buy out Barloworld Ltd. in a deal that values the South African construction equipment company at about 22.8 billion rand ($1.3 billion).
Zahid’s Gulf Falcon Holding Ltd. and Entsha Ltd., an entity linked to Barloworld Chief Executive Officer Dominic Sewela, offered 120 rand per share, the companies said in a statement on Wednesday, confirming an earlier Bloomberg News report. That’s a 30% premium to Tuesday’s closing price for the Johannesburg-based company, which is Africa’s distributor for Caterpillar Inc. equipment.