There are exciting opportunities for dealmaking in Africa and for foreign direct investment on the continent. But don’t expect "rules of engagement" similar to those in developed markets.

For a start, while SA and global investors tend to prefer taking up majority positions when they invest (to ensure control of their interests), these opportunities are elusive in Africa. There is an abundance of family-run businesses on the continent, and these carry great prestige. Because selling these businesses — or even a stake in them — is not generally regarded as a signal of success, foreign companies find it challenging to buy in...

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