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South Africa's Bidcorp CFO says can tap about $1.2 bln for M&A
February 23, 2017 / 8:17 AM / in 10 months

South Africa's Bidcorp CFO says can tap about $1.2 bln for M&A

JOHANNESBURG, Feb 23 (Reuters) - South Africa’s Bid Corporation (Bidcorp) can tap as much as 1 billion pounds for acquisitions of other foodservice groups, the firm’s head of finance said on Thursday without giving more detail.

“We would be comfortable with two times debt to EBITDA, or core earnings, on a conservative basis, so that’s probably taking us to 14 to 15 billion rand ($1.2 billion) or a billion pounds,” said CFO David Cleasby in a conference call when asked how much the firm can access to buy other firms. ($1 = 12.9138 rand) (Reporting by TJ Strydom; Editing by Tiisetso Motsoeneng)

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