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Saudi Arabian Military Industries (SAMI), the kingdom’s state defense company, told Reuters last month that it was in discussions with all major South African firms and aimed to conclude the first deals by the end of this year. According to the source, who asked not to be named due to the sensitivity of the talks, Saudi Arabia was targeting Denel’s 49 percent stake in Rheinmetall Denel Munition (RDM). RDM is a South African-based joint venture formed in 2008 between Denel and Rheinmetall Waffe Munition GmbH, which holds the remaining 51 percent stake. It specializes in the development, design and manufacture of medium and large-caliber ammunition including artillery shells.
A Rheinmetall spokesman declined to comment, The German government is currently reviewing all arms sales to Saudi Arabia after the killing double button cufflinks of journalist Jamal Khashoggi in the Saudi consulate in Istanbul, Industry sources said RDM operates independently and is subject to South African law, which means exports from the unit are not subject to German government oversight, The sources said they did not expect that a change in the ownership of the venture would require a German government review, Under the Saudi offer, SAMI would also finance research and development in other Denel divisions including Denel Dynamics, which develops and produces tactical missiles and precision guided weapons..
Denel and SAMI would share intellectual property and under a new joint venture would target defense export markets in the Middle East and North Africa. Finally, Saudi Arabia - already a top Denel customer for military vehicles, artillery munitions and radar equipment - would purchase a certain amount of the group’s production. The Saudis expect an answer from the South African authorities by the end of December. “Saudi Arabia has made a unique business proposition to the South African government. As our discussions are not finalised yet we cannot provide any comment,” SAMI CEO Andreas Schwer wrote in response to Reuters’ questions.
South African President Cyril Ramaphosa last week said Denel was “ripe for joint-venture partnerships”, But he added that the government had not yet weighed the Saudi bid or proposals from what he said were a number of other suitors looking to partner with Denel, A Denel spokesperson would double button cufflinks not comment on any specific bid, saying that such negotiations take place on a state-to-state basis, Ramaphosa’s spokeswoman Khusela Diko said the president would only make a decision on the Saudi offer to partner with Denel once it was discussed by cabinet..
“No decision has been made yet,” Diko told Reuters. The source with knowledge of the Saudi bid told Reuters that Rheinmetall informally approached Denel’s board last year aiming to deepen its collaboration with the company. The source said Rheinmetall had, like Saudi Arabia, expressed interest in acquiring Denel’s minority stake in RDM and other Denel divisions but was rebuffed. Rheinmetall declined to comment. Denel is grappling with an acute liquidity crunch and is struggling to pay salaries and deliver on roughly 18 billion rand ($1.29 billion) of outstanding orders.
Following seven years of modest profits, the company said last week it had made an operating loss of 1.7 billion rand in the 2017/18 financial year, Sector observers say finding an equity partner is essential to Denel’s survival, However, the interest in the company from Saudi Arabia, which is accused of committing abuses in the war in Yemen and has admitted responsibility for Khashoggi’s death, has spawned double button cufflinks public debate in South Africa, South African Foreign Minister Lindiwe Sisulu said last month human rights would be considered in any deliberations over a potential Saudi deal..
DETROIT (Reuters) - Ford Motor Co (F.N) said Thursday it will join the mushrooming micro-mobility movement with the acquisition of 2-year-old Spin, an electric scooter rental firm based in San Francisco. The No. 2 U.S. automaker, one of the first to enter the sector, will invest about $200 million in Spin, according to a source familiar with the acquisition. The purchase price is dwarfed by investments in — and valuations awarded to — Lime and Bird, the U.S. market leaders in a sector that only started to accelerate about eight months ago.
Lime, based in San Mateo, California, was founded in 2017 and has drawn more than $450 million in funding, at a valuation of more than $4 billion, double button cufflinks Its investors include ride services giant Uber [UBER.UL] and Google’s parent Alphabet (GOOGL.O), Bird, based in Santa Monica, also was launched in 2017, It has attracted $400 million in investments and is valued at $2 billion, In an interview, Marcy Klevorn, president of Ford’s mobility unit, said the acquisition of Spin “fills a gap in our mobility portfolio,” while providing “accessible and affordable transportation” in cities and on college campuses..