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Banking news Absa to become Barclays AfricaShareholders of Absa Group (ASA) on Monday (25 February) approved the Barclays Africa deal which will see Absa taking over eight of Barclays' operations in Africa.  At the general meeting on Monday morning‚ (25 February) 98.85% of shareholders voted in favour of the issue of 129.5m Absa shares to Barclays.In terms of the deal‚ Absa will issue 129‚540‚636 new Absa ordinary shares at R141.50 each and take over eight Barclays operations in Africa outside SA. Barclays will increase its stake in Absa to 62.3% from 55.5%. After the deal was announced last year‚ the Absa share price gained more than 6% to about R150. Absa will soon be renamed Barclays Africa Group. The Public Investment Corporation (PIC)‚ South Africa's largest institutional investor‚ voted in favour of the merger between Absa and Barclays' Africa operations‚ despite concerns that the deal will dilute the holdings of minority shareholders. The PIC said the R18.3bn deal gave Absa an opportunity to diversify its income outside the mature market represented by South Africa. "Dilution is not too much of a concern if it comes with bigger prospects for the entire group. As long as the return on rands invested is higher‚ we will be satisfied with that outcome‚" the PIC said. "We support the deal primarily because this provides Absa with an immediate exposure to a higher growth trajectory market," it added. SOURCE I-Net BridgeFor more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions. We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field. Go to: http://www.inet.co.za
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 on Monday (25 February) approved the Barclays Africa deal which will see Absa taking over eight of Barclays' operations in Africa.)
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