The experience of South African companies in Africa - like that
of other international investors - might be encapsulated in the
expression "Africa has great M&A opportunities, but first
you have to find them". And finding them is the tricky bit.
Most South African companies do not - yet - have significant
footprints in the rest of Africa. Without local knowledge, Africa
can be a big place, and one which does not offer up its gems easily
to those who are not "in the know".
While some investors have reaped bumper profits on the
continent, going forth into Africa does require a clear strategy.
As the Ernst and Young 2007 Review of Mergers and Acquisition
notes, the picture painted for Africa in the World Investment
Prospect Survey 2007/2009, was positively gloomy, and Africa is at
the bottom of the list for many indicators. Size usually counts in
M&A, and that is precisely what makes Africa, consisting of 53
economically modest jurisdictions, more difficult than
