Standard Bank finalise ICBC deal

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Thursday, 14th February 2008 at 10:00 pm by Rander

Standard Bank finalise ICBC deal

The R36.7bn deal between South Africa’s Standard Bank and China’s Industrial and Commercial Bank of China (ICBC) was confirmed today and all regulatory and shareholder requirements had been fulfilled. The deal will result in ICBC purchasing 20% of Standard Bank. For more information about the deal, have a look at ‘Standard Bank confirm China deal‘.

For the investors and shareholders in Standard Bank, the last day to trade in Standard Bank shares to be considered for this scheme is February 22 2008. Under the scheme, ICBC will acquire 11.11% of the Standard Bank Group’s issued ordinary share capital from existing ordinary shareholders. The shareholders will be offered R136 per share. Standard Bank shares closed at R93.25 today.

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