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Black empowerment and unbundling rule mergersUNBUNDLING and black economic empowerment were the major drivers behind the record R62.2-billion of merger and acquisition activity last year. There was a hefty 43% rise in the value of merger and acquisition transactions, while the number of disclosed deals was up more than 50% to 276, Ernst & Young's annual merger and acquisition survey shows. Unbundling accounted for 18% of the total value of deals while economic empowerment accounted for 11%. There were 18 "mega deals" (over R1-billion) in 1996 valued at R40-billion, or 64.5% of the total. This compared with only five such deals in 1995 valued at R26.3-billion. The biggest deal of the year was the R6.1-billion restructuring of Anglovaal's mining interests and the second largest was the R5.2-billion unbundling of Genbel. Third was Gencor's acquisition of a larger stake in Alusaf, and fourth was the NBS/Boland banking deal. There were 45 black empowerment deals valued at R7-billion compared with 23 deals (R12.4-billion) in 1995. Details of the report and an analysis of the M&A industry is provided in our survey on pages 6 to 9 of the first section of Business Times. A survey on rating agency IBCA appears in the BT Money section on pages 18 to 20. Regular labour law seminars will be hosted on BT Online, starting on May 18. This week's edition carries a brief overview of some of the structures and issues pertinent to the new labour regime. Next week, Labour Guides tackles the minefield of probationary periods for new employees. You can find the Labour Guides on our homepage: <www.btimes.co.za>.
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