Newco will engage with the PIC to allay Barloworld concerns and garner support

Newco, a recently formed special purpose consortium, which is intensifying efforts to drive its bid to acquire JSE-listed industrial giant Barloworld, said on Friday that it will be engaging the Public Investment Corporation (PIC) on its broad-based transformation objectives. Newco comprises Entsha Proprietary and Gulf Falcon Holding, a wholly-owned subsidiary of Zahid Group. Newco's statement comes amid a contentious takeover battle that has pitted the Consortium against Barloworld’s second-largest shareholder, the PIC, and seen governance concerns dominate headlines. Caterpillar has also reaffirmed its support for the group’s Standby Offer. Caterpillar, Barloworld’s primary revenue driver, issued a statement on March 4, endorsing the Standby Offer structure that emerged following the collapse of the Consortium’s initial scheme of arrangement. The equipment manufacturer, a key player in Barloworld’s operations, stated, “It is our…