Undisclosed financial institutions, working through a trade finance house in Stellenbosch, have made an offer to acquire an 11% slice of KWV Limited's shares, but the company's board is fighting back saying the tactics indicate hostile intent.

KWV Limited is a non-listed public company. Its share price for the past three months averaged 136c (SA), but since an announcement on Friday by Anglo African Trading (AAT) that it wished to acquire 50m shares at 160c, the share price moved up to 156c.

During a meeting with representatives of AAT earlier this week, KWV chairman, Danie de Wet said  he had asked them who was behind the latest share drive.

"They refused to tell me who the potential purchasers were and this makes me extremely nervous because I need to know who we are dealing with. The manner in which they have gone about trying to acquire the shares, without the courtesy of informing the board that they were going to make the offer, shows hostile intent," he said.

For a full analysis of this story see our features section next week.