Telkom South Africa has abandoned talks to sell its mobile and fixed-line phone assets to Vodafone and MTN, ending the possibility of South Africa’s biggest ever takeover. Vodafone, which owns 50 percent of Vodacom Group, South Africa’s biggest mobile phone company, was in talks with Telkom, which owns the other half, to lift its stake. MTN was negotiating to buy Telkom’s fixed-line business.
“After detailed investigations, the parties were unable to conclude a transaction in the best interests of their respective shareholders,” Telkom said in a statement. “This decision was driven primarily by matters related to the anticipated costs and benefits of the implementation of the transaction.” Vodafone said on Wednesday it was still interested in increasing its stake in Vodacom.