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South Africa's Rupert offers ZAR2.34 billion to acquire ElementOne

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December 2
2:31 AM 2013

South African business tycoon Johann Rupert has offered to buy ElementOne for ZAR2.34 billion, the Sunday Times reported. This was according to a report published by Sowetan Live. ElementOne currently holds a 40% stake in Caxton and CTP Publishers and Printers. Rupert made the offer to buy the company through his own firm Remgro, the report said.

Among others, the publishing firm's products include The Citizen and several community newspapers, the report added.

Remgro partnered with Rand Merchant Bank for the offer. The company proposed to pay ZAR475 million in cash. The rest of the offer was in stock, priced at ZAR22.51 per share, the report stated.

ElementOne said Rupert's offer was a rare opportunity to unlock its value, Sowetan Live reported.

Johann Rupert is the eldest son of South African business tycoons Anton and Huberte Rupert.He is presently the chairman of Swiss luxury goods firm Richemont and South African firm Remgro, according to his web profile.

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