By Dimitri Peter Cavvadas, David Kriel and
Deenan Pillay
With a highly developed economic
infrastructure and strong legal system, South Africa has
traditionally been an attractive jurisdiction for securities and
merger and acquisition (M&A) activity. In 2007, M&A
transaction values peaked at an aggregate of over US$200 billion.
Recently, South African mining and financial entities have
contributed the bulk of South African M&A activity, following
the recovery in commodity markets.
Regulatory Bodies
South Africa does not have a single
regulatory body equivalent to the provincial securities commissions
in Canada or the United States Securities and Exchange Commission
that, for example, reviews and clears prospectuses for public
offerings. This function is carried out by various combinations
(depending on the circumstances) of the Johannesburg Stock Exchange
(JSE), the South African Registrar of Companies (CIPRO) and the
other entities referred to below involved
