South Africa govt opposes Telkom, Korea Telecom deal

Nieuws Breedband Zuid-Afrika 1 JUN 2012
South Africa govt opposes Telkom, Korea Telecom deal
South African operator Telkom said the government will not back its proposed partnership with Korea Telecom. The two agreed last month a preliminary deal for the South Korean firm to buy a 20 percent stake in Telkom, pending clearance from the South African government, Telkom's biggest shareholder. The operator said in a statement to the stock market that it was informed by the Minister of Communications that the proposed transaction between the companies had been presented to cabinet on 30 May and that cabinet had taken the decision not to support the transaction as proposed. Telkom said that the company will be engaging with the minister of communications to discuss the cabinet's decision and the implications thereof.

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Vast

Companies:

KT,  Telkom

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Zuid-Afrika

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Wholesale, Government policy, M&A buyouts & divestments

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