02:50 PM EDT, 08/06/2024 (MT Newswires) -- Caterpillar ( CAT ) equipment distributor in Africa, Barloworld, has received takeover interest from Saudi Arabia's Zahid Group, Bloomberg reported Tuesday, citing people with knowledge of the matter.

The talks are in progress, but there is no guarantee that a deal will be concluded, the report said. The South Africa-based Barloworld is valued at 16.4 billion South African rand ($888.7 million)

Zahid and Barloworld declined Bloomberg's requests for comment.

Caterpillar ( CAT ) and the two companies did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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