InBev deal helps drown ratings outlook sorrows

SABMILLER shareholders backed the brewer’s takeover by rival Anheuser-Busch InBev by a large majority, paving the way for one of the biggest corporate mergers in history. The £79-billion (R1.4-trillion) deal was comfortably passed by shareholder voters.

FUTUREGROWTH has lifted a suspension on buying the bonds of the staterun Land Bank subject to amendments. It halted buying the debt of six state-owned firms last month, citing political uncertainty.

SOUTH Africa’s producer inflation slowed to 7.2% year on year in August from 7.4% in July, Stats SA data showed. On a month-on-month basis, prices were down 0.1% after rising 0.8% the previous month.

PACKAGING group Astrapak reported a 25.4% rise in profit from continuing operations to R27.6-million in the six months to June, as the average selling price per kilogram improved 8%. It grew revenue 15.2% to R734.3-million.

THE slow reform of South Africa’s stateowned firms and the upheaval swirling around the finance minister posed risks to the country’s investment-grade credit rating, S&P Global Ratings’ MD for sub-Saharan Africa, Konrad Reuss, said in Johannesburg.

SIX of the world’s biggest container shipping companies were raided by South African authorities on suspicion of colluding to inflate rates between Asia and South Africa, the Competition Commission said.

GROWTH in credit demand by the private sector slowed to 6.15% year on year in August from 6.78% in July, Reserve Bank data showed. Expansion in the broadly defined M3 measure of money supply quickened to 5.48% against 4.41% growth in July.

MTN Group shares slumped the most in almost two months after Nigeria raised new allegations about the wireless carrier, this time accusing it of illegally moving almost $14-billion (R193-billion) out of its largest market.