Eversheds pursues Africa expansion with Morocco partnership
Eversheds has made good on its African expansion strategy by signing a partnership agreement with existing relationship firm CWA Morocco, establishing new offices in Casablanca and Tangier.
Led by local managing partner Mohamed Oulkhouir, Eversheds CWA Morocco will advise domestic and international clients across a broad spectrum of industries, including maritime, automotive, financial services and industrial engineering.
As part of Eversheds' 'Pan-African strategy' to establish offices in key markets announced in October 2013, the 1760-lawyer firm opened four other offices on the continent in December through tie-ups with South African firm Mahons and Tunisia's El Heni, with the firm continuing to explore opportunities in Ghana and Kenya.
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.
Tanzania: Japanese Firm Promotes Vehicle Market
THE Tanzania Investment Centre (TIC) has commended Enhance Auto for promoting private investment and provide the local market with the good quality Japanese cars.
Speaking at an award presentation ceremony in Dar es Salaam over the weekend, TIC Public Relations Manager, Ms Pendo Gondwe, commended the company for expanding their business through new service of clearing and delivering.
"This service will further contribute to creation of new employment and strengthen revenue collection," she said. She said Tanzania is the best place to invest and over the past decade have put in place the most conducive investment environment.
Ms Gondwe also advised EnhanceAuto to look into the opportunity to explore unlimited investment and business in agricultural, tourism, manufacturing, energy and infrastructure sectors.
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.”
