(Bloomberg) -- The South African rand gained for the first day in a week after shareholders approved the buy-out of the country's largest retailer, leading to foreign exchange inflows.
Shareholders of Edgars Consolidated Stores Ltd. today voted to accept Bain Capital LLC's $3.5 billion takeover bid for the Johannesburg-based company. The bid, which was approved by more than 80 percent of stockholders, may boost demand for the currency as foreign investors buy the currency to pay for their shares.
Read more at Bloomberg Currencies News
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