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Its CEO, Arun Sarin, told a Goldman Sachs investor conference last month that he would not be interested in buying Vodacom entirely because Vodafone would be obliged to sell a hefty chunk of those shares to black empowerment investors in the near future, and probably at a substantial discount.
However, a source within the telecoms sector believes that government elements right up to President Thabo Mbeki want MTN to become a “champion of Africa”. That could lead to active political support for MTN to acquire Telkom’s assets to give MTN the physical backbone to expand north.
That apparent interest by Mbeki would help to explain why he got directly involved in MTN’s recent squabble in Benin, where Mbeki and Benin’s President Thomas Boni Yayi brokered a settlement over disputed licence fees that had seen MTN’s network silenced.