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Yesterday morning some interesting news hit our screens from Mediclinic. They announced that Remgro who already owns 44.6% of MEI and Mediterranean Shipping Company (MSC) have created a consortium to buy out the rest of the hospital group.
Yes you heard that right, a shipping company from Italy, headquartered in Switzerland wants to buy a stake in Mediclinic. Although, MSC is privately owned by the Aponte family and can also be considered their personal investment company. The only connection that makes sense is Switzerland, where Mediclinic has a large presence, where the Aponte family lives, and so too does Remgro Chairman Johan Rupert (Richemont is also headquartered there).
The offer of 463 pence was rejected by the board who believe the business is worth a lot more. The offer was made last month and was a 24% premium to the price at the time, but is now only a 5% premium to the current market price.
Another interesting point to note is that more recently Remgro has been selling off or spinning out assets to try and alleviate the sum of the parts discount. They must feel that Mediclinic is core and should be fully incorporated into the group. We have clients that own both Remgro and Mediclinic. We will keep you updated.
