Barloworld Group, the South African industrial conglomerate led by Dominic Sewela, and its acquisition vehicle, Newco, said Namibias Competition Commission has unconditionally approved Newcos offer. With this approval, the condition tied to Namibian regulatory clearance has been satisfied.
The only remaining regulatory approvals relate to COMESA and Angolas competition authority. Filings in both jurisdictions have been submitted, and the companies are working with regulators to secure the necessary approvals.
As of the announcement, Newco has received valid acceptances for 76,674,288 Barloworld ordinary shares, representing roughly 41.1 percent of the companys issued shares, excluding treasury shares. Combined with holdings from the consortium and the Barloworld Foundation, the total shareholding under Newcos influence amounts to 64.5 percent of issued shares.