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PIC paid premium for stake in Distell
Huge 58.7-million trade of Distell shares could only have been the PIC deal at a hefty R170 a share, says analyst
Ten months after the Public Investment Corporation (PIC) was identified as the buyer of Anheuser-Busch InBev’s 26.5% stake in Distell it has emerged that the price for the stake was a hefty R170 a share. On Friday afternoon, a trade of 58.7-million Distell shares was put through the market at R170 each with a total price tag of just under R10bn. Distell was unable to respond to queries about the parties to the transaction, but one analyst said that given the volumes involved it could only have been the PIC deal that had been agreed in December 2016. The 58.7-million shares represents just over 26% of Distell’s shares in issue.Friday’s book-over confirms market speculation that PIC had paid a premium to the ruling share price in order to secure the stake. Although Distell did touch R171 in October 2016 and had been on an upward trend since May, the mid-October price represented a 12-month peak. It has been on a steadily declining course for much of the past year. On Friday, the share...
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