INSURANCE ACQUISITION
Hollard’s Imperial deal cracks nod
The Insurer’s R2.3bn bid for Imperial’s Regent group of companies obtained the required regulatory approvals
Insurer Hollard’s R2.3bn bid for Imperial’s Regent group of companies advanced in December after the African leg of the deal (excluding SA) obtained the required regulatory approvals, Imperial said on Tuesday. The logistics group said it sold the non-South African operations of the Regent Group — based in Botswana, Zambia and Lesotho — to Hollard International for R697m. The deal became unconditional after the Botswana competition regulator approved that country’s leg of the deal; and the Central Bank of Lesotho endorsed it. The lion’s share of the deal, the disposal of the rest of general insurer Regent Insurance and life insurer Regent Life, is subject to Competition Tribunal approval after the Competition Commission declined to approve it in October, saying it would decrease competition. Hollard is expected to contest the commission’s findings at the tribunal during the weeks of January 23 and April 3. Warwick Bloom, the acquiring insurer’s spokesman, did not respond to questions...
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