Five things making headlines in South Africa today

Here’s what caught our attention on Monday:

1.   Aton offer to acquire all M&R shares

German construction firm, Aton is making a mandatory offer to acquire all the remaining issued shares and to be issued ordinary shares of Murray & Roberts not already owned by itself for a consideration of R17 per offer share. Aton and M&R are at loggerheads as the German company endlessly pursues an M&R buyout. According to the statement on Sens, the offer is subject to the fulfilment or waiver – with an extended Long Stop date to June 30, 2019.

Read the full statement here.

2. Load shedding takes a break this week

South Africans can breathe a sigh of relief and assume ‘business as usual’ for now, as Eskom officials say no load shedding is expected to be implemented this week. The utility says the electricity system is gradually improving and that load shedding won’t be implemented unless absolutely necessary. The relief comes after the nation experienced almost ten days of rolling blackouts.

Read: No Eskom blackouts expected this week

3. Bosasa back in the spotlight at state capture inquiry

Former Bosasa executive Angelo Agrizzi will be back in the hot seat at the state capture hearings on Monday to continue detailing the service providers alleged corrupt dealings with the ANC government. During his first appearance at the hearing, Agrizzi testified that Bosasa paid hefty bribes to government officials to give it more business contracts. Agrizzi is also expected to appear in court in the coming days on corruption charges.

4. Exxaro terminates contract with Group Five

Embattled construction company, Group Five, which is in business rescue, released an update on developments, in which business rescue practitioners say only the legal entities Group Five Ltd and Group Five Construction were placed into business rescue. Furthermore, its other subsidiaries “continue to operate as going concerns and do not fall directly into the business rescue proceedings”. 

On Friday it was also reported that mining firm, Exxaro had announced its decision to terminate its agreement with Group Five. The decision which will impact more than 750 contract workers.

5. Moody’s review on SA expected this week

South Africa has to be on its best behaviour this week and maintain ‘business as usual’ (and keep the lights on) ahead of Moody’s review expected by the end of the week. Moody’s is the only rating agency which has kept South Africa at investment grade – one notch above junk status – with a stable outlook.