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Article: Politics twisted Aveng's arm - Grim.(Business Report)
- Article from:
- The Star (South Africa)
- Article date:
- May 15, 2007
CopyrightCOPYRIGHT 2007 Independent News & Media PLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BYLINE: Roy Cokayne
Pretoria - Aveng felt that political pressure was exerted on it before it agreed to sell its 46.65 percent stake in cement producer Holcim South Africa, finalising the country's biggest black economic empowerment (BEE) transaction, the construction company admitted yesterday.
"We can't operate in a vacuum. The political reality is a reality and it impacts on decision making," said Carl Grim, Aveng's chief executive.
He admitted that it was evident there was not a real opportunity for Aveng to get full control of the Holcim SA business and it therefore tried to find a way to get the best value for shareholders.
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