News

Services group Bidvest has announced that it will not be proceeding with its bid to buy a quarter of packaging giant Nampak.

Bidvest said its decision was based on a trading update from the packaging firm last month, which forecast a 60-80% fall in full-year earnings per share, and on the volatile market conditions.

Bidvest is Africa's biggest company by turnover, with sales of £4.6bn, and has recently stated its intention to double in size by 2010.

It operates worldwide in a diverse range of sectors including freight management, food, electrical products, automotive retailing, packaging closures and office products.