• News
  • Article
  • Business
  • Health
  • Politics
  • Achievement/Profile
  • Sports
  • Features
  • Adverts
Menu
  • News
  • Article
  • Business
  • Health
  • Politics
  • Achievement/Profile
  • Sports
  • Features
  • Adverts
Home Business

MTN Group quits talks to buy South Africa’s Telkom

Omotayo Daranjo by Omotayo Daranjo
October 20, 2022
in Business
0
MTN Group quits talks to buy South Africa’s Telkom
0
SHARES
28
VIEWS
Share on FacebookShare on Twitter

MTN Group, Africa’s largest telecommunications provider, has called off talks to acquire Telkom, a South African telco.

The deal would have enabled MTN to become South Africa’s biggest operator for mobile customers, surpassing Vodacom, the current market leader.

READ ALSO

Report: Nigeria Tops List of Countries With Most Cash Dominant Economy in 2023 in the world Read

Nigeria’s trade surplus hits 5-yr high on weaker naira

In a statement to investors published shortly after markets opened on Wednesday, Telkom said ongoing discussions for possible acquisition have been terminated because it could not offer assurances around exclusivity to MTN.

“MTN terminated discussions in relation to the MTN proposal on 18 October as Telkom was not in a position to provide MTN with assurances around exclusivity,” Telkom said.

“Discussions were at an early stage and had not progressed to due diligence nor had a binding offer been received by the Telkom board of directors.

“The Telkom board has a legal and fiduciary duty to consider all bonafide offers.

“Shareholders are, therefore, advised that they no longer need to exercise caution when dealing in the company’s securities.

“Telkom continues to execute its strategy to unlock value for shareholders and will provide an update to the market on progress in due course.”

Telkom’s share price plunged on the news, losing over 22 percent to trade at around R34.79.

In July, both telcos announced discussions about a potential takeover but the talks stalled after Rain, South African data-only network operator, submitted a merger proposal to Telkom.

Related Posts

Business

Report: Nigeria Tops List of Countries With Most Cash Dominant Economy in 2023 in the world Read

July 13, 2024
Nigeria’s trade surplus hits 5-yr high on weaker naira
Business

Nigeria’s trade surplus hits 5-yr high on weaker naira

December 5, 2023
FOUR MULTINATIONAL COMPANIES HAVE LEFT NIGERIA IN 2023
Business

FOUR MULTINATIONAL COMPANIES HAVE LEFT NIGERIA IN 2023

November 16, 2023
3 Gratitude Habits for Business Leaders to Motivate Your Teams — and Yourself.
Article

3 Gratitude Habits for Business Leaders to Motivate Your Teams — and Yourself.

May 18, 2023
‘Just one in seven’ Black Friday deals are real discounts – as worst offenders exposed
Business

‘Just one in seven’ Black Friday deals are real discounts – as worst offenders exposed

November 22, 2022
Naira redesign: Squeeze, spray notes, face wrath of law – CBN
Business

Naira redesign: Squeeze, spray notes, face wrath of law – CBN

November 18, 2022
Next Post
Wike: Abia, Benue were denied CBN loans because their governors supported me against Ayu

Wike: Abia, Benue were denied CBN loans because their governors supported me against Ayu

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

The Trumpet International Magazine is a real-time and comprehensive news magazine. It is an independent, national news provider for Africans, reporting daily developments and events in South Africa and other African Countries and their Citizens based in South Africa.

Categories

  • News
  • Article
  • Business
  • Health
  • Politics
  • Achievement/Profile
  • Sports
  • Features
  • Adverts
Menu
  • News
  • Article
  • Business
  • Health
  • Politics
  • Achievement/Profile
  • Sports
  • Features
  • Adverts

Recent Post

Nigeria Govt, Nestlé Forge Strategic Alliance to Enhance Water Quality Nationwide

Parents of Benue passengers allege soldiers aided kidnappers, fault Police rescue claim

Tinubu, Atiku are good friends, they may be visiting each other at night – Orji Uzor Kalu

Peter Obi Submits One-term Presidency Proposal to Coalition

AU peacekeepers’ helicopter crashes at Mogadishu Airport in Somalia 

Nigeria Govt, Nestlé Forge Strategic Alliance to Enhance Water Quality Nationwide

In a major step toward ensuring safer and

Read More »

Trumpet Magazine | © 2021.

Facebook Twitter Youtube Linkedin Instagram

Add New Playlist