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ABSA GROUP LIMITED - ACQUISITION OF LEASEPLAN SOUTH AFRICA
ABSA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/003934/06)
(JSE Code: ASA) (Issuer Code: AMAGB)
(ISIN : ZAE 000013389)
("Absa")
ACQUISITION OF LEASEPLAN SOUTH AFRICA
Absa Corporate Finance, a division of Absa Bank Limited ("Absa"), is authorised
to announce that Absa, acting through its Vehicle and Asset Finance division
("AVAF"), has acquired the entire issued share capital of Avena LeasePlan South
Africa (Proprietary) Limited, the holding company of LeasePlan Fleet Management
(South Africa) (Proprietary) Limited (hereinafter jointly referred to as
"LeasePlan SA"), from Dutch based LeasePlan Corporation NV ("LPC")
("transaction").
AVAF"s rationale for entering the transaction is three fold: It allows for
profitable growth in a mature industry, establishes Absa as a major in leasing
and fleet management and enhances the intellectual capital at Absa"s disposal to
pursue consolidation and growth opportunities in this segment.
Furthermore, AVAF will continue to have a relationship with LPC under an
alliance agreement entered into between the two parties.
LeasePlan SA will add approximately R425m to AVAF"s lease contract book and more
than double the size of its fleet.
Commenting on the transaction Peter Mageza, Absa Group Director responsible for
AVAF, said: "We are delighted to bring LeasePlan SA into the Absa fold.
LeasePlan SA is a leading local fleet management and vehicle leasing company and
brings with it extensive intellectual capital and a blue chip client base. It
establishes a sound platform for AVAF to deliver sustained growth in this
industry".
Hugo Levecke, chairman of the Managing Board and Chief Executive Officer of LPC
said: "During the past six years LeasePlan SA has made a positive contribution
to the financial results of our Group and we are very glad that we have found an
excellent strategic shareholder for this company. We are confident that Absa
will provide the team of LeasePlan SA with the necessary support to successfully
continue the expansion of the company."
The transaction is subject to the fulfilment of suspensive conditions inter alia
the approval of the Competition Authorities and other regulatory bodies.
Johannesburg
2 February 2004
Corporate Advisor to Absa
Absa Corporate Finance
Legal Advisor to Absa
Cliffe Dekker
Corporate Advisor to LPC
Bridge Capital
Legal Advisor to LPC
Brink Cohen Le Roux Inc
Lead Sponsor
Merrill Lynch South Africa (Pty) Limited
Co-sponsor
Absa Corporate Merchant Bank
Date: 02/02/2004 07:02:03 AM Produced by the JSE SENS Department
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