Here’s what caught our attention on Monday:
1. Aton bid to takeover M&R intensifies
German investment group, Aton is not backing down in its bid to take over South African construction firm, Murray & Roberts. Aton acquired more than 25% of M&R’s takeover target Aveng, in an attempt to fight M&R’s acquisition of Aveng, from within Aveng, according to Moneyweb. Aton already holds about 44% in M&R and had initially opposed M&R’s takeover of Aveng during a shareholder meeting.
2. Tom Moyane to address media
Suspended Sars commissioner, Tom Moyane is to address the media on Monday concerning governance at Sars and the developments at the Sars inquiry, which is still underway. Moyane is expected to respond to a letter he received from President Cyril Ramaphosa on Friday, News24 is reporting. The presser will take place at 11:00.
Update to follow.
3. Tharisa quarter production report
Mining company Tharisa released its third quarter production report for the period ended June 30, 2018, on Monday. The company is reporting a record of PGM recoveries at 85.6%, and a record of PGM production at 39.5% koz, up 3.4% quarter-on-quarter.
4. Grindrod bank dismisses Sassa demands
Grindrod Bank is hitting back at the South African Social Security Agency (Sassa) for its demands to refund social grant beneficiaries after it hiked its bank charges. Grindrod Bank, which is a partner of Net1, says Sassa should take the matter up with Net1. Moneyweb is reporting that Grindrod Bank says that there is no legal basis in Sassa’s demands.
5. McKinesy apologises to SA
The global head of McKinsey is expected to issue an apology and outline the firm’s failings to South Africans following its involvement with Gupta-owned firm, Trillian. Reuters is reporting that McKinsey lost most of its clients when news emerged that it had partnered with Trillian to win a R1.6 billion contract with Eskom. McKinsey says it will pay back the R1 billion in fees it received for its share of the six months work it did with Trillian at Eskom, Reuters reported.