Sanlam shrugs off reports of takeover
The financial services group last year fired Andrew Darfoor as CEO after two tumultuous years at the helm
Nothing to see here, said Sanlam CEO Ian Kirk about reports this week that the insurance giant was planning to take over Alexander Forbes's short-term insurance business. Sanlam, which is not a shareholder, is regularly in talks with Alexander Forbes, Kirk said, but not about buying the business. "I've had no merchant banks in my office about [Alexander] Forbes," Kirk added. Business Report this week published a report citing unnamed sources and leaked e-mails titled "Alex Forbes is facing a 'de facto' takeover". Alexander Forbes soon responded on the Stock Exchange News Service and said its board had reason to believe confidential information had been leaked by a disgruntled former employee. It did not name the employee, but said fiduciary duties were breached, indicating that he or she was also a board member. "The board has accordingly instituted an investigation in this regard, and will consider any and all legal avenues available to it to protect the company's confidential info...
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