Atlas Mara edges closer to ADC deal

BOB Diamond’s co-founded Atlas Mara has received a boost in its quest for a premier sub-Saharan financial services group after over 95% of African Development Corporation (ADC) shareholders agreed to a share-for-share swap.

Last month, Atlas Mara offered five ordinary shares for four shares of ADC, the 38% shareholder in pan-African banking group BancABC, as it begins a journey to build a strong financial services group on the continent.

In a notice yesterday, ADC said 9 010 130 of its shares had been tendered, corresponding to 95,17% of the share capital and voting rights of the company.

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