Zahid Group to acquire Barloworld for ZAR23bn.

Zahid Group, a family-owned Saudi Arabian holding company, offered to acquire Barloworld, an industrial processing, distribution, and services company, for ZAR23bn. "The transaction is an overwhelmingly positive vote of confidence in South Africa and will see Barloworld become a majority black owned, privately held, South African industrial company, maintaining the continuity of both Barloworld’s management, staff and operations in line with the Group’s existing diversified strategy to drive growth and value creation in the future," Sydney Mhlarhi, Bidders Spokesperson.