Thanks to a restructuring movement known as "unbundling," which involves the selling or otherwise splitting off of unrelated businesses, the South African corporate landscape has changed materially from the system dominated by family controlled groups of companies that the author described in this journal six years ago. Holding companies like Anglo-American, the largest and best known of all the groups, have become more both more focused and more international (in those lines of business they have chosen to retain). At the same time, they have relinquished a good deal of control to outside shareholders. 2001 Morgan Stanley.
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