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JOHANNESBURG, South Africa (AP) - A Johannesburg court on Thursday approved British bank Barclays PLC's 33 billion-rand ($5.6 billion) bid for a controlling stake in Absa Group Ltd., clearing the way for the biggest single foreign investment in a South African company.
The high court dismissed objections from a lobby group seeking reparations from Barclays for its involvement in apartheid-era South Africa and from two individuals.
Barclays will acquire 32 percent of Absa shares through an initial offer and an additional 28 percent in a subsequent offer, under the plan approved Thursday.
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