Marc Hasenfuss Editor-at-large

Lockdown, ironically, might emancipate deal-makers previously restrained by caution around SA’s pitiful economic outlook.The pandemic has markedly knocked market values of SA Inc stocks. Consequently, vendor expectations in unlisted companies might be tempered — with a cash injection seen by many as one sure way to immunise against the economy wasting away in a prolonged shutdown.No doubt more distressed assets will be brought to the table, and the months ahead could see some brisk deal-making by listed counters fortunate to still have a well-reinforced balance sheet.But the transaction that intrigued me was the sale by PSG-aligned agri-business investor Zeder of its 32% stake in Quantum Foods for R308m. Quantum — which plies its trade in the poultry, eggs and animal feeds niches — would never be regarded as the most exciting share on the JSE.It was never central to Zeder’s efforts to restore and unlock value for shareholders — though the sale proceeds will boost cash holdings to mo...

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