Remgro Pays Up To $262M For Stake In Grindrod Expansion

Law360, New York (September 20, 2011, 3:29 PM EDT) -- Johannesburg-based private investment firm Remgro Ltd. said Tuesday it would pay up to $262 million for a major stake in Grindrod Ltd., and that the money would fuel the South African freight and shipping company's coal export expansion plan.

Remgro said it would pay 15 rand ($1.96) for up to 133 million new shares — a 22 percent stake — in a deal that marks an 9 percent premium to Grindrod's recent average share price.

Remgro's stake in Grindrod could come in at below 22 percent,...
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