Bidding war for Telkom?

15 Jul 2008

Rumours are circulating that a takeover battle has begun for Telkom South Africa and its 50% stake in African cellular operator Vodacom. Initial reports suggested that Vodafone of the UK, which is Telkom’s partner in Vodacom, was looking to buy part of Telkom’s interest in Vodacom, with the rest to be sold to the public. Meanwhile a group of South African investors led by local businessman Tokyo Sexwale was thought to be chasing Telkom’s fixed line business. A report from Moneyweb now suggests that Vodafone and Sexwale are both bidding for the entire Telkom group, while a third bid for a smaller section of Telkom’s wireline assets could also be on the cards.

South Africa, Telkom South Africa, Vodacom Group, Vodafone Group