An investment firm has offered to buy out the South African government’s 40.5% stake in Telkom.
The South African government received an unsolicited bid for its 40.5% stake in Telkom SA SOC Ltd., following an announcement that MTN Group Ltd. is planning to acquire part of the carrier.
The Telkom bid is based on a 30-day average share price of the firm, plus a 20% black empowerment discount, according to an offer letter seen by Bloomberg. MTN announced last month it’s planning a takeover offer for Telkom, sparking interest in the smaller South African operator, with internet-service provider Rain also announcing its intention to combine with Telkom.There are no plans to sell the government’s stake in Telkom “at the moment,” Communications Minister Khumbudzo Ntshavheni said Thursday in a written response to Toto’s bid seen by Bloomberg.
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