Sanlam NetAssets Business Day Financial Mail Nail Metropolitan Life Nail plans to take full control of Metlife 07/12/97 Sankorp 'treasure' gives Sanlam a leg up 31/08/97 Leaner Sanlam to focus on financial services 12/08/97 Sankorp motor deal in gear with strategy 30/03/97 Automakers suffers major profit smash 16/03/97 Sanlam seeks focused eyes as it contracts into core areas 04/05/97 JCI's Khumalo 'on the brink of being fir... Metlife deal puts Nail in... Herbal health creates instant wealt... Heinz's board may be past sell-by dat... COMPANY DIGES... Anglogold said to be aiming at Targe... Ackermans in key labour dea... SAB, Heineken in global overflo... Group Five division buys Intertoll stak... GM drives back into S... Nozala links up with Medi-Clinic... Investors not enticed by food on Premier... Back To Home Page

Metlife deal puts Nail in big league THREE years ago New Africa Investments' sole interest was a 10% stake in Metropolitan Life valued at R350-million, writes SVEN LUNSCHE. This week, after Nail announced an offer to buy outright control of Metlife, Nail was worth about R6-billion. Its empire now includes a wide range of interests. Nail's offer to Metlife minority shareholders holding 25% of Metlife stock will guarantee that Nail's existing 34.9% stake will rise to a minimum of 51% as the group has already received commitments from 16% of shareholders that they will accept the offer. In return for 100 Metlife shares, minorities will receive 312 Nail N-shares. Almost 90% of Nail equity capital will be in low-voting N-shares after the deal. Nail deputy chairman Dikgang Moseneke says investors have supported the deal irrespective of the use of N-shares as they see the expanded Nail offering outstanding returns. Top of page | Home Page | News | BT Money | Survey | Companies | People | Appointments | World | Markets | Trends | Columns | News Maker | Money Guides | Labour Guides | Calculators | Search | Archive | E-Mail us |