Sanlam bids R505 for Santam stock as delisting plan advances

Published on 10/08/2026 at 16:42 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Santam stock costs EUR 26.00 on October 8, 2026 after EUR 25.90. The offer carries a 26.60 percent premium to the October 2 close.

Key points in brief

Sanlam offered R505 per Santam share on October 5, 2026, targeting the 37.3 percent it does not own.
The cash offer represents a 26.60 percent premium to Santam's October 2 closing price.
Santam stock was trading at EUR 26.00 at Lang & Schwarz on October 8, 2026, plus 0.39 percent versus the prior close.
The proposed scheme requires shareholder and regulatory approvals, with a general meeting expected on November 30, 2026.

Santam, ZAE000093779, Illustration mit AI erstellt.

Santam stock (ISIN ZAE000093779) was trading at EUR 26.00 at Lang & Schwarz on October 8, 2026 at 4:32 p.m. CEST, plus 0.39 percent versus the prior close of EUR 25.90. On October 5, 2026, Sanlam offered R505 in cash for each eligible Santam share in a proposed scheme that would take the insurer private, according to NSX.

Three milestones shape the deal

On March 9, 2026, Santam declared a final dividend of 650 cents per share, according to Santam. On September 3, 2026, the company published interim results for the six months ended June 30, 2026, including an 8.10 percent net underwriting margin.

On October 5, 2026, the R505 offer became the latest event, with Sanlam seeking the remaining 37.3 percent of Santam shares after holding an effective 62.7 percent stake, as detailed by NSX.

What does the offer mean for shareholders?

The scheme consideration represents a 26.60 percent premium to Santam's closing price on October 2, 2026, a 25.00 percent premium to its 30-day volume-weighted average price and a 28.60 percent premium to its 90-day average, according to NSX.

The offer is subject to regulatory approvals and a shareholder resolution requiring at least 75 percent of voting rights exercised at the general meeting. Santam's interim information showed net assets of ZAR 15.90 billion and profit attributable to those net assets of ZAR 2.19 billion for the period ended June 30, 2026, figures published in the transaction announcement by Moneyweb.

Dates set the next tests

The combined offer circular is expected on November 3, 2026, while the general meeting is expected on November 30, 2026, according to FilingReader and Moonstone. If the conditions are met, implementation is targeted for the first quarter of 2027 and Santam would be delisted from the JSE, NSX and A2X.

Stock stays near its yearly high

The primary JSE quote was ZAc 48,213.00 at 2:21 p.m. SAST on October 8, 2026, against a 52-week range of ZAc 36,011.00 to ZAc 49,007.00. The reference price was therefore 1.62 percent below the primary-market high, while the euro quotation remained modestly above the prior Lang & Schwarz close.

The further course of trading is shown by the continuously updated real-time quote of Santam stock.