When pessimists warned that South Africa’s largest companies would leave the country when Nelson Mandela came to power a decade ago, they weren’t completely wrong.
Some of the biggest companies have indeed left. Metals and mining group Billiton did so in 1997, moving its primary listing to London. It was followed by Anglo American, the mining leader, and South African Breweries (SAB). Then there was Old Mutual, the biggest life assurer, after its demutualization. These, along with two smaller companies, accounted for 15% of the market capitalization of the Johannesburg stock exchange and 7% of GDP.
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