In a somewhat slower day for corporate news, Nedbank has been given the nod to boost its fleet management business, while Old Mutual got one for its new bank. In international news, Netflix has slumped after announcing it won’t be reporting on subscriber numbers in the future, which one analyst described as a “chump” decision.
Nedbank’s acquisition of JSE-listed industrial group enX’s fleet-management business Eqstra has been approved and is now expected to take place in June. The Competition Commission had recommended approval as it is unlikely to lessen or prevent competition substantially in any market, and that it didn’t raise public interest considerations. Nedbank said late in 2023 it intends to combine Eqstra with its own fleet management business as it looks to build scale, with the deal valued at about R2.5 billion. enX had cited a need for capital for the business to reach its full potential in its reasons to sell, and that group’s shares had leapt 8% on Friday afternoon.
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