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11.04.2007 Business & Finance

Government to keep ADB takeover bid open

By myjoyonline

Government is expected to allow for more suitors to bid for the Agriculture Development Bank, ADB, when it finally agrees to sell its interests in the bank.

The Finance Ministry is currently examining a proposal from Standard Bank of South Africa to take over ADB, but Joy Business Report sources say the deal is not a sole sourcing transaction.

This implies that government will not approve the Standard Bank proposal without inviting others to put in their bids.

The sources say the Standard Bank proposal is still with the Finance Ministry and it will take some further discussions before it gets to Cabinet for consideration. The experts working on the deal are also expected to recommend to Cabinet to open up the deal to other interested institutions in line with the Public Procurement Act.

The long process may leave room for other boardroom juggling and lobbying. Meanwhile the final decision must involve Parliament which will need to amend the act that set up the Agriculture Development Bank.