Chamwe Kaira
The takeover of Barloworld, which owns Barloworld Namibia, by Newco is awaiting competition approvals in Namibia, COMESA and Angola.
In Namibia, mergers are approved by the Namibian Competition Commission (NaCC).
“The filings in these jurisdictions have been submitted to the relevant authorities and the parties are working towards obtaining these approvals as soon as possible,” Barloworld announced.
Barloworld and Newco announced the proposed deal on 28 February.
On 26 August, the Botswana Competition and Consumer Authority informed the two companies that it had unconditionally approved the implementation of the Newco offer.
“The parties therefore confirm that the standby offer condition relating to the receipt of approval from the Botswana Competition and Consumer Authority has been fulfilled,” Barloworld said.
Last month, the South African Competition Tribunal approved Newco’s N$23 billion acquisition of Barloworld, subject to public interest conditions.
These include implementing a broad-based black economic empowerment structure after the company is delisted.
The approval followed a positive recommendation from the South African Competition Commission on 9 June, completing the review process in that country.
Barloworld Equipment, a subsidiary of Barloworld, operates in Namibia, Angola, Botswana, Eswatini, Lesotho, Malawi, Mozambique, South Africa, Zambia, Zimbabwe, and the Katanga province of the Democratic Republic of Congo.
In Namibia, the company distributes and supports Caterpillar and other heavy machinery for mining, construction and related industries. Its operations are in Windhoek, Walvis Bay and Swakopmund. Services include marine power solutions, industrial and electric power ratings, oil and gas sustainability, and equipment support. The company has also committed to participate in Namibia’s oil and gas industry.
In December, Saudi Caterpillar dealer Zahid announced it had acquired 49% of Barloworld in South Africa. Barloworld is the largest Caterpillar dealer in Africa, one of the largest globally, and owns the world’s second-largest Caterpillar equipment remanufacturing plant. Zahid Group is a leading Saudi Arabian family-owned business.
