20 April 2007Ernst & Young has released its annual review of merger and acquisition activity (M&A) in South Africa, which indicates that black economic empowerment (BEE) deals remain a dominant feature of the country’s economy.According to the survey, values of BEE deals done during 2006 reached R56-billion, much similar to the R56.2-bllion worth of BEE deals carried out during the previous year.“However, the number of transactions dropped from 238 in 2005 to 221 in the year under review,” says Ernst and Young in a press release issued last week.The survey reveals that the largest BEE transaction in 2006 was by the Royal Bafokeng tribe, which converted its Impala Lease Royalty stream into 13.4% of the shares in Impala, in a deal worth R12.1-billion.The second largest deal was the acquisition of a 46% interest in Holcim South Africa by the AfriSam Consortium, worth R6.8-billion. However, it remains to be seen if Aveng, which has a pre-emptive on the shareholding, will exercise those rights or sell to the AfriSam Consortium.Further more, Ashraf Dada, Ernst & Young’s transaction advisory services associate director specialising in BEE points out that should the deal go through, “it will put a large, very technical, and capital expenditure-heavy asset in the hands of new shareholders who have little experience of this industry”.Third on the list is as offer by a Mineworkers Investment Company-led consortium to fully buyout Peermont Global for almost R5.2-billion.Dada also looked into BEE trends that emerged during 2006, stating that the Codes of Good Practice for Broad-based Black Economic Empowerment, which were gazetted in February, gave businesses more flexibility in carrying out deals.“The codes will give companies more room to manoeuvre thanks to the conditional provision for mainstream companies to retain their BEE points if their empowerment partners sell out or their shares are ceded to funders,” he said.“This also makes it likely that we’ll see BEE companies increasingly trading with each other to repay their debt and reduce their capital requirements.”M&A deals to increase in 2007The survey shows that there were a total of 729 transactions in 2006, representing a small decline from the 744 deals concluded the previous year, though combined values had increased slightly from R269-billion in 2005 to R284-billion in 2006.Business Report stated last week that that local companies were involved in 67 M&A deals during the first quarter of 2007, with a combined value of R68-billion.According to the paper, the largest deal in the first quarter was the $3.5-billion buyout of Edgars Consolidated Stores by US-based private equity firm Bain Capital, followed by the $2.9-billion takeover of Kazakhstan uranium producer UrAsia Energy by JSE- and Toronto- listed SXR Uranium One.According to Ernst & Young director Dave Thayser, a better reflection of M&A activity in 2006 was the number of transactions exceeding R5-billion – 14 “mega deals” were done in 2006, almost double the 2005 figure of 8.“The year was unusual in other ways, with private equity dominating the M&A debate, rather than BEE, which has been a central theme for several years,” he said.The largest transaction in 2006 was the acquisition of telecoms group Investcom LLC by the MTN Group for R33.5-billion, followed by Gold Fields’ acquisition of half of the South Deep mine from Barrick Gold for R18-billion.The third largest transaction for the year was an offer of R14.2-billion for Shoprite Holdings by a consortium led by private equity firm Brait.Looking to prospects for M&A activity in the current year, Thayser said South Africa would take its lead from global markets.“As a result, it is unlikely that our M&A wave will peak before that in global markets. In addition, our domestic and economic fundamentals are in place to encourage a further increase in M&A activity,” he said.Globally, Ernst & Young’s survey shows that there were almost 28 000 M&A transactions, with a combined value of $3.7-trillion, bettering the previous record of R3.4-trillion set in 2000. The number of deals exceeding $10-billion also rose to 51, from 37 the previous year.SouthAfrica.info reporter Want to use this article in your publication or on your website?See: Using SAinfo material
The fields have been freshly mowed and marked, the sun is shining and the managers have been briefed. Everything is set to go for the 2006 National Touch League!Touch Football Australia tournament officials are anticipating the start of competition, with games expected to be some of the closest and tightly fought in NTL history.Team players and officials will be even more eager to make a final with Finals Day on Monday being filmed for showing on Fox Sports in April. (For dates and times see the TFA website.) The atmosphere will be even more electric than usual, with special grandstands being built at either end of the main field, allowing spectators to watch the finals from on the field, for the first time ever. The tournament will officially open tomorrow at 11am, with the Opening Ceremony including an official welcome to the players, officials and spectators by Coffs Harbour Councillor Bill Palmer.Another highlight of the ceremony will be a special presentation to the Australian Open team Captains, after their recent victory at the All Nations Championships in New Zealand. Stay tuned to the TFA website for all the news and results from the 2006 NTL.
About the authorPaul VegasShare the loveHave your say Essien impressed by work of Chelsea manager Sarriby Paul Vegas10 months agoSend to a friendShare the loveChelsea hero Michael Essien is impressed by the work of manager Maurizio Sarri.The Italian currently looks on course to steer the Blues to a top-four finish.Essien says the 59-year-old has got his players on side.“Sarri came in and didn’t really have much time,” explained Essien to the Daily Express.“He had to go straight into pre-season but he came in and bought some good players.“They’ve been doing very well and everyone is buying into his system and how he wants his players to play.“So yes, he’s been very good so far and hopefully they can continue like that until the end of the season.”
About the authorPaul VegasShare the loveHave your say Chelsea boss Lampard: Abraham can learn from Drogbaby Paul Vegasa month agoSend to a friendShare the loveChelsea boss Frank Lampard has thrown down the gauntlet to Tammy Abraham.Lampard says the young striker knows how he’ll be judged.”It’s normal that the top strikers are judged on goals, and the next level of that is: do you score goals against the big teams,” said Lampard. “I understand that because against someone like [Virgil] Van Dijk, a defence like Liverpool, a team like Liverpool, maybe it’s harder to create chances.”So it’s what can you do individually to try and create them, and how clinical can you be after that. He’s shown great signs this season but it will be another test on the way and it’s not the be all and end all day and we make our judgements after this. But for the top strikers like Didier, we all remember the amount of times he scored in finals and semi-finals and really important games and I think, quite rightly, players are judged on that”The thing I love about Tammy is his enthusiasm. He takes every day like it’s a challenge and a happy challenge. He wants to come in with a smile on his face and wants to score goals in training and be the best he can be. I think if you’ve got that attitude, you’ve got a great chance, because we know he has the talent.”
Chelsea veteran Giroud: I’ve been helping Abrahamby Ansser Sadiq16 days agoSend to a friendShare the loveChelsea veteran Olivier Giroud is not throwing his toys out of the pram at the club.The French striker has been struggling to get regular game time at the club this season.But rather than sulking about his position, he is taking steps to help his young striking teammate Tammy Abraham.The two may compete for a starting spot, but Giroud is happy to pass along what he knows to the youngster.”It’s true that competition at Chelsea is tough,” he told The Athletic.”But it’s good for the team, for us to be there to step up. It helps to have players like myself that want to be back in the team and never give up.”Tammy is doing very well now. He is very efficient up front. What can I say? I’m just waiting for my turn. I work hard in training with a good spirit. If the manager needs me, I will look to be efficient.”Have I been helping Tammy? Yes. He is still a young player and is having a good moment. I am happy for him. He reminds me of myself when I was starting out in my career. He is precocious. He is doing very well at a young age. I am delighted for him. If I can help him to carry on, I will.”But I will try to push him, again and again, not to be in the comfort zone. I will always try to score a lot. There is a good competition between us.” About the authorAnsser SadiqShare the loveHave your say
The annual UNICEF Ball will take place at the Beverly Wilshire Hotel next Tuesday, January 14.The event, presented by Baccarat, will honor Ghada Irani with the Danny Kaye Humanitarian Leadership Award and Michael Douglas with the Danny Kaye Humanitarian Peace Award.Emcees at the event will be Matt Damon and Jerry Weintraub, and there will be a special performance by Kristin Chenoweth.Now in its fifth biennial year, The UNICEF Ball is one of the most notable black-tie galas in Los Angeles, bringing together philanthropists, celebrities, and community leaders to support UNICEF’s mission of saving the lives of children. The evening is a celebration of UNICEF’s work, as well as a tribute to the outstanding humanitarians who make their work possible.Table and ticket sales are now closed, but more information can be found here.
Jared Sullinger is undoubtedly the star of the Buckeyes. The freshman forward is a sure-fire top-five pick in the NBA draft, draws the ire — and spit — of opposing fans and, most notably, runs the Columbus karaoke scene with his renditions of Miley Cyrus songs. He accounts for almost a quarter of OSU’s offense, an offense that runs mostly through him, despite freshman forward Deshaun Thomas’ best efforts. Yet, if the Buckeyes want to win a National Championship, it will hinge on the efforts of soft-spoken junior guard William Buford. His importance to the team was even more apparent in OSU’s two losses. Buford ignited his squad in the first and early second half of the game at Wisconsin. However, he disappeared at the end. OSU coach Thad Matta even said Buford, at the end of the game, lacked the same kind of aggressiveness he showed earlier. Against Purdue, he picked up two early fouls that knocked him out of rhythm. Still, in a game like that, he can’t take just five shots. When all else fails, like it did against Purdue for long stretches, the team needs Buford because he is the only one who can create his own shot off the dribble. College basketball — and really basketball, in general — is dominated by guard play. Of the past 20 players to win the NCAA Tournament’s Most Outstanding Player award, only five of them were primarily post players. Naturally, some of that is because of the overall lack of size in college basketball, as most tall and talented players go to the NBA after one year. That’s what makes a team like Ohio State, with a dominant post player, so tough to guard. Sullinger can only go as far as the rest of his team takes him. That’s where Buford comes in. Sure, fifth-year senior forward David Lighty has the ability to take over, but his jump shot isn’t consistent enough. Senior guard Jon Diebler is only a spot-up shooter, and freshman point guard Aaron Craft serves more as a facilitator, with most of his points coming in transition. We have seen Buford dominate in stretches of games this season, more thoroughly than ever before. His ball-handling skills have improved light-years beyond where they were even a year ago. At times, though, when he’s not the primary ball handler, and with Craft on the floor, he seems to be more passive. When Matta last had a dominant post player, Greg Oden, he took his team to the Final Four. That 2006–07 team’s run was aided by dominant guard play. Guard Ron Lewis hit the game-saving shot against Xavier, and also had big games against Tennessee and Memphis. Point guard Mike Conley Jr. and guard Jamar Butler were also key contributors. Sullinger is more naturally gifted on offense than Oden, and does a better job of staying out of foul trouble. Yet, for as tough as he is on the blocks, he can’t do it alone through a rigorous March and, possibly, April. If the Buckeyes want their “one shining moment,” as national champions, No. 44 fulfills an equally important role in getting them there.
Once upon a time, Maximilian Meyer was dubbed ‘wunderkind’. Now, he finds himself without a club despite being one of the most talented players in Europe.What gives? Well, talent opens doors, but a lot more is needed for a successful professional career. There’s something about Maximilian Meyer that turns clubs away (Sky Sports).“Meyer has one problem – he has a completely wrong self-assessment. Everybody around him – his agent, Roger Wittmann, his family, the coaches of the youth teams – told him that he is one of the biggest talents, the ‘German Messi’ and after a while, you believe that,”“His agent told everyone that Meyer is world class, he has to earn about €8 million per year and he is able to play only for the best clubs in the world. But now they have to recognize that the top clubs do not think that they are right with their opinion.” – Dirk Schlarmann (Sky Germany journalist)There you have it. Simple as that. Character issues and the wrong agent have put Meyer in a position in which a player of his abilities should never find himself into. He didn’t want to play for Schalke anymore, even though he was flourishing under head coach Domenico Tedesco. The Italian changed his position from an attacking to a holding midfielder, reducing Meyer’s responsibility and allowing him to see the field better. The move did wonders for the 22-year-old’s confidence.Jonjoe Kenny is making his mark in the Bundesliga Manuel R. Medina – September 8, 2019 Schalke’s footballer Jonjoe Kenny has joined the team this past summer, and he’s already making sure people know his name in the German competition.He left the club thinking teams in Europe would rush to get his signature, but his agent’s over -the-top demands quickly deterred any potential suitors.“There is no concrete offer yet. They negotiated with Marseille but when they heard about the salary demands, they knew that it wouldn’t happen.” – Max Bielefeld (Sky Germany reporter)Maximilian Meyer is counting on agent Roger Wittmann finding him a club and the agent is counting on the crazy weeks before U.K.’s transfer deadline.“He could have continued his development at Schalke in a good environment that he knows and now there is a poker game going on. For me, he is not worth €8 million a year as of now but you never know with the market.” – Max BielefeldFor now, though, there doesn’t seem to be light at the end of the tunnel.
The Reds footballer believes his team can have a perfect English Premier League season and lift the trophy in the summerLiverpool is currently sitting in the top of the English Premier League table with 54 points.The team has won 17 matches, drawing three times and has yet to lose a single game.They are the only EPL club which has remained undefeated.And for Reds footballer Dejan Lovren, his team can do what it takes to have a perfect season.Liverpool legend Nicol slams Harry Maguire’s Man United form Andrew Smyth – September 14, 2019 Steve Nicol believes Harry Maguire has made some “horrendous mistakes” recently, and has failed to find his best form since joining Manchester United.“It’s not only December, I would say, it’s all the period we have played well,” he told the club’s official website.“Even sometimes when we didn’t play well, [like] against Everton, we had the luck, we had the belief and it came back to us again.”“The key, like I have said many times, is the defensive moments when we don’t have the ball and everyone is working so hard, up front especially,” he explained.“They are the first defenders and we are the last defenders. That’s the key for us.”