BARLOWORLD
Cheery outlook boosts shares
Barloworld rose to the highest in more than a month yesterday after its biggest supplier, Caterpillar, rallied on an improved growth outlook. The South African seller of equipment to mining and construction companies advanced as much as 3.9 percent during the session’s trade in Johannesburg, the highest since April 3. The stock closed 2.7 percent higher at R98.07. More than 650 000 shares traded, about 78 percent of the three-month daily average. Caterpillar, the world’s biggest construction and mining equipment maker, has gained more than 8 percent since it cut its 2013 profit forecast on April 22 and rose 3.2 percent on May 3, data show. – Bloomberg
DIDATA
R320m offer for AccessKenya
Dimension Data (Didata) had offered to acquire 100 percent of Nairobi Stock Exchange-listed AccessKenya for 3.052 billion Kenya shillings, which is the equivalent of R320 million, it said yesterday. The South African provider of cloud services and data centre solutions said the offer was a premium of 42 percent above the Kenyan enterprise’s closing price of 9.85 Kenya shillings on Friday. AccessKenya, a family business, was one of the first internet service providers to launch in Kenya in 2000 and employs 340 people. It provides connectivity-based data services to 5 000 customers, including multinational corporates and government, in the east African country. – Asha Speckman
GRANT THORNTON
Merger with PKF announced
Accounting firms Grant Thornton and PKF yesterday announced the merger of their mid-tier assurance and business advisory offices in Johannesburg, a move that will strengthen the firms’ position relative to the big four. Grant Thornton has been ranked the fifth-biggest local accounting firm in terms of fee income by the 2012 International Accounting Bulletin SA survey. Grant Thornton said yesterday’s merger would cement this position. When the merger becomes effective in July, PKF Johannesburg would become part of the Grant Thornton Johannesburg and Grant Thornton South Africa. Andrew Hannington, the chairman of PKF’s South African board, has been appointed to head Grant Thornton Johannesburg as chief executive, as the current man at the helm, David Campbell, recently resigned. – Londiwe Buthelezi
Wescoal
Mining rights deadline moved
Wescoal and Xstrata have extended the finalisation for the fulfilment of conditions for the purchase and sale of the Vlaklaagte mining right to May 31, it emerged yesterday. The companies had previously set the deadline for the fulfillment of the conditions at April 28. As part of a deal reached last year, Xstrata sold its R94 million Elandspruit mining right to Wescoal, and Wescoal was to sell the R81m Vlaklaagte mining right to Xstrata. Wescoal said yesterday that Swiss-listed Xstrata won regulatory approval to transfer the R94m Elandspruit mining right to Wescoal and the Elandspruit sale was complete. “We are pleased that [finally] the acquisition of the Elandspruit asset is [complete]. Wescoal will prioritise the securing of all regulatory approvals still outstanding on Elandspruit,” Wescoal chief executive Andre Boje said. – Dineo Faku