MTN Group confirmed discussions to acquire domestic rival Telkom South Africa remain ongoing, in an apparent effort to divert attention from rival Rain Networks in the talks.
In a stock market statement today (22 August), MTN noted talks were underway which could impact the value of its securities.
Earlier this month South Africa’s Takeover Regulation Panel (TRP) chastised Rain Networks for detailing plans to merge with Telkom and ordered the data network provider to retract a statement on the matter.
Local media reported Rain Networks subsequently withdrew its announcement but indicated it would submit a formal proposal to Telkom in due course.
Rain Networks reportedly welcomed a Telkom stock exchange announcement last week, stating it would consider an offer or formal proposal from the company.
In the statement, Telkom also indicated it is still engaged in takeover talks with MTN.Subscribe to our daily newsletter Back