MARKET WATCH: New phase of play
I have to assume that WP Rugby’s margins are as reassuring as a 55kg flyhalf with his bootlaces tied together
There are so many big deals that Remgro, now flush with the proceeds of a R9bn rights issue, could tackle. The group was expected to buy the old SABMiller stake in Distell, but to the dismay of many punters this coveted stake was grabbed by the Public Investment Corp. Maybe Remgro could now look at pitching an offer to minority shareholders in Capevin, which has a stake in Distell as its only asset? Remgro might also look to back Mediclinic International in acquiring a bigger shareholding in Spire Healthcare in the UK; or it could pitch an offer to buy out minority shareholders in consumer brands subsidiary RCL Foods. Instead Remgro looks set to take a hospital pass after agreeing to rescue WP Rugby, which has been desperately fending off a determined creditor that pushed the business onto its dead-ball line. Remgro, headed by sports mad Johann Rupert, already holds a 24.9% stake in WP Rugby — a stake that was inherited when it took over the old Sail group more than a decade ago. Th...
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