The South African government’s support for a political movement some 4 500 miles away could complicate a R15.5 billion deal. Moroccan billionaire Othman Benjelloun on Tuesday spoke out against South Africa-based Sanlam’s acquisition of insurer Saham Finances SA, saying South Africa has chosen the wrong side in a territorial dispute. South Africa supports a group called the Polisario Front, which has been seeking self determination in the Western Sahara territory since 1991. “We will applaud the fact that Saham stays South African” when Pretoria changes tack regarding Western Sahara, he said. “Until they do, they are not getting our support.”Sanlam agreed to take full control of Saham in a R15.5 deal last year, making it the South African company’s biggest acquisition.

Source: The North Africa Journal April 03, 2019 05:56 UTC