Telkom takeover negotiations ongoing

10 Jun 2008

Telkom South Africa says its talks with two separate groups concerning potential buy-out offers are still proceeding. Telkom has received an offer from Vodafone of the UK to acquire part of its 50% stake in South Africa’s largest cellco, Vodacom, on the condition that the remainder of the stake is offered to the public. Vodafone already owns the other 50% of Vodacom. Meanwhile, a consortium headed by local businessman Tokyo Sexwale has made an offer to acquire Telkom, conditional upon its disposal of its interest in Vodacom. Telkom’s chief executive officer, Reuben September, says: ‘Discussions are taking place to obtain clarifications … The board and management are evaluating the proposals.’

South Africa, Telkom South Africa, Vodacom Group