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Alexander Forbes’s largest shareholder, the multinational employee benefits business Mercer, was unlikely ever to be content with just a third of the company. But it was lucky to have a willing buyer in Patrice Motsepe’s African Rainbow Capital (ARC) Investments, which will snap up its 193-million Forbes shares for R1bn.

Abax Investments portfolio manager Wallie van der Walt says it is never welcome to see a large multinational such as Mercer disinvesting, but Forbes was small in its life and barely a rounding error in its accounts...

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