British bank Barclays said today that it would extend by two weeks its offer for a 60% share in Absa, the biggest retail banking group in South Africa.
Barclays, the third-biggest bank in Britain, launched its bid in early May offering 33 billion rand (?4.27 billion) for the stake.
But Barclays failed to win enough shares for the deal to go ahead, snapping up 51.5% of Absa shares - below the 56.5% required under the terms of the transaction, the group said in an official statement.
A South African court hearing aimed at sanctioning the investment, originally scheduled for today, has therefore been put back until July 5, Barclays added.
If the deal goes through it would potentially be the largest single foreign investment in South Africa since the end of apartheid in 1994. It would also herald Barclays' return to South African retail banking after nearly two decades.
