Norton Rose Aids Barclays In $2.1B Africa Deal With Absa

Law360, New York (December 6, 2012, 2:36 PM EST) -- Barclays Bank PLC has struck a £1.3 billion ($2.09 billion) deal with its majority-owned subsidiary Absa Group Ltd. to merge Absa with a majority of Barclays' Africa operations and create an African banking powerhouse, the companies said Thursday.

As part of the deal, Barclays Africa Ltd. will pick up another 129.5 million shares in Absa, increasing its stake from 55.5 percent to 62.3 percent, and Absa will be renamed Barclays Africa Group Ltd., though the Absa brand will continue to be used for retail banking and...
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