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Telkom soars as bidders circle

2 June 2008
Telkom soars as bidders circle
Telkom shares have ended more than 8% higher at R148.49 after Vodafone offered to buy a further 12.5% stake in mobile operator Vodacom for R18.75bn, while Mvelaphanda Group may lead a bid for Telkom without its Vodacom stake.

During the day, shares jumped over 15% to R158, the highest level in six months and valuing the company at R82.28bn before retreating. Trading volume on Thursday was 5.4 times the 30-day daily average.

Newspaper reports said the bid by a consortium led by Mvelaphanda Group - headed by Tokyo Sexwale - may be worth up to R90bn.

Vodafone said its bid was conditional on Telkom unbundling or spinning off its remaining 37.5% stake in Vodacom to its existing shareholders. Vodacom is jointly owned by Vodafone and Telkom, Africa's biggest fixed-line telephone company.

"We can confirm that we're in discussions with Telkom to buy an additional stake in Vodacom. However there are no assurances t ...

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