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Investment company RECM & Calibre (RAC), headed by asset managers Piet Viljoen and Jan van Niekerk, looks set for a restructuring after making its long-awaited tilt at buying Astoria Investments on Friday.

RAC disclosed it had acquired another 60.3-million shares in Astoria for about R145m, pushing its interest in the company from 29.4% to a commanding 78.45%...

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