Liberty shares rocket as Standard eyes full control
Critics say the bancassurance model did not work when it was tried in the past
Standard Bank plans to take full control of Liberty Holdings in an R11bn deal that will create a pan-African financial services conglomerate and double down on a business model some have ditched.
Under the cash and share deal unveiled on Thursday, Standard Bank — Africa’s largest bank by assets, which already owns 53.6% of the insurance group — has offered R89.96 per share. It is a 33% premium to Liberty’s close on Wednesday and values the group at R25.6bn...