An attempt by anti-globalisation group Jubilee SA to derail Barclays’ takeover of Absa ended yesterday, when a South African judge approved the R33 billion purchase. Although the deal officially closes on 27 July, the court sanction was the final obstacle to approval.
Jubilee was opposed to the deal because Barclays is facing a US lawsuit claiming reparations for the UK bank’s role in supporting apartheid during the 1980s.
As of yesterday, Barclays held 52.2% of Absa, and intends buying shares in the market to move its interest towards 60%.
Jubilee said it felt that “justice has failed the majority of the people of SA”.