Straight to companies, in an interview with CNBC's Alec Hogg, Bidvest CEO Brian Joffe said that the numbers, the Adcock numbers were not good, and that he (Joffe and Bidvest) did not do as good a deal as they would have liked. In fact you can read the transcript and see that I get a mention, the Magician of Melrose Arch, Byron actually coined that phrase I think: Quizzing Brian Joffe: Has SA's great capital allocator boobed on Adcock?
More importantly however is that Bidvest are thinking about floating their international food services business in London, they said that it would be easier to raise capital in London (cheaper rates) than here of course. I am a little indifferent about all of that, it was something that we had anticipated. If the businesses are still going to be run with the same team, with more growth potential internationally (and the ability to raise money cheaper), then I am all for that.
The conundrum will come when the two separate businesses split, which one to own? Perhaps the value unlock will reveal whether or not there is a PE uplift for the international business, you get the local business (still most profitable) too. We will cross that bridge when we come to it.