Sanofi eyes more acquisitions, sees growth in Africa
Sanofi is on the lookout for acquisitions to boost key business units, such as consumer and animal health products, and expects strong growth in the "strategic continent" of Africa, its chief executive told Reuters on Wednesday.
Chris Viehbacher declined to say whether the group would be interested in Merck & Co's non-prescription consumer business or Novartis's animal health operations. "We can never comment on targets. Clearly, we have growth platforms such as animal health and consumer health care - if we can strengthen those while creating value for our shareholders we will do that," he said.
Merck is considering divesting its healthcare business, best known for Coppertone sunscreen, Dr. Scholl's foot care and Claritin allergy medicine. Sanofi is now among several companies cited by bankers as potential bidders including the likes of Reckitt Benckiser and Bayer.
Read more: Sanofi eyes more acquisitions, sees growth in Africa
Bob Diamond’s Atlas Mara Buys Bank in First Africa Purchase
Robert Diamond’s Atlas Mara Co-Nvest Ltd. (ATMA) agreed to buy ABC Holdings Ltd. and ADC African Development Corp. for as much as $265 million in the first acquisition by the investment firm of the former Barclays Plc (BARC) head.
BancABC offers financial services in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe, Atlas Mara, which trades in London, said in a statement late yesterday. ADC, which trades in Frankfurt, owns 47.1 percent of BancABC and 9.1 percent of Union Bank of Nigeria, the company said.
“We looked extensively at where the best opportunities would be in Africa and we had our sights on a high-quality, multi-country bank in one of the regions of Africa,” Diamond told reporters today in Gaborone, the capital of Botswana. “We are not passive investors and we want to truly add value.”
Read more: Bob Diamond’s Atlas Mara Buys Bank in First Africa Purchase
World Bank Supports Bank Modernization and Micro Business Financing
The World Bank's Board of Executive Directors has approved funds to help the Democratic Republic of Congo (DRC) modernize its banking infrastructure, and increase the availability of long-term financial resources for entrepreneurs across the economy to start or scale up their businesses. Today's project targets poor and unserved communities, particularly women and youth.
The new US$30 million IDA* grant supports the Financial Infrastructure and Markets Project, designed to upgrade DRC's banking system with an electronic platform, and provide financing solutions to entrepreneurs.
Read more: World Bank Supports Bank Modernization and Micro Business Financing
World business leaders gather in Geneva for AFRICA CEO FORUM
The AFRICA CEO FORUM 2014, one of the most important gathering of African business leaders taking place in Geneva from 17 to 19 March, has been officially opened.
This level of participation is already a measure of the success of this year’s AFRICA CEO FORUM, whose mission is to bring together economic actors from French and English speaking Africa to strengthen regional ties, promote public-private sector dialogue with the goal of building an environment conducive to new business development. It further stimulates African entrepreneurship, innovation and creativity.
The opening ceremony, chaired by Donald Kaberuka, President of the African Development Bank and Amir Ben Yahmed, Managing Director of the Groupe Jeune Afrique and Chair of the AFRICA CEO FORUM, recalled the primary purpose of this major event.
Read more: World business leaders gather in Geneva for AFRICA CEO FORUM
