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Thread: Telkom deals with KT at a discount

  1. #1

    Default Telkom deals with KT at a discount

    Telkom agrees to discounted KT deal

    Telkom has reached an agreement with KT Corp, which includes a revised cash issue share price – at a discount.

  2. #2

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    The proposed strategic venture remains subject to the fulfilment of a number of pre-conditions before the final terms can be finalised, Telkom said.
    Including...

    The deal will go through once South Africa’s Competition Commission completes an investigation of antitrust complaints against Telkom “to the satisfaction of KT,” the company said.

    Telkom may have to pay an antitrust fine of as much as 3.25 billion rand ($417 million) for abuse of market dominance and anti-competitive practice by charging excessive prices for services to other industry participants.
    http://www.bloomberg.com/news/2012-0...in-telkom.html
    Blessed is the man who, having nothing to say, abstains from giving us wordy evidence of the fact.
    -George Eliot (1819-1880)

  3. #3

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    Does this affect the stake that the government has in any way - is it a dilution of their share? Or is the public shares available not included in the government stake?

    Anyways - this is welcome news...any outside influence other than government is good at this point. R4billion cash injection is not bad too...Telkom dont **** it up!

  4. #4

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    Quote Originally Posted by saliehendricks View Post
    Does this affect the stake that the government has in any way - is it a dilution of their share? Or is the public shares available not included in the government stake?

    Anyways - this is welcome news...any outside influence other than government is good at this point. R4billion cash injection is not bad too...Telkom dont **** it up!
    The State's share will be diluted (to below 50% if you include the PIC).
    Blessed is the man who, having nothing to say, abstains from giving us wordy evidence of the fact.
    -George Eliot (1819-1880)

  5. #5

    Default PIC is not the State

    Quote Originally Posted by MickeyD View Post
    The State's share will be diluted (to below 50% if you include the PIC).
    It is not right to always include PIC stake to Gvt stake. PIC is a fund manager of govt pension, its trustees are bound to act independent from the State. And have demonstrated over the years that independence in voting track record.

  6. #6
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    I feel that it is again a case of foreigners getting a very good deal. But in this instance I really hope that the deal will go through, as I suspect that Telkom management will actually have a much bigger say in the directions the company take if the government shares are diluted.

  7. #7

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    Quote Originally Posted by Ispy View Post
    It is not right to always include PIC stake to Gvt stake. PIC is a fund manager of govt pension, its trustees are bound to act independent from the State. And have demonstrated over the years that independence in voting track record.
    You missed the IF part of the sentence.
    Blessed is the man who, having nothing to say, abstains from giving us wordy evidence of the fact.
    -George Eliot (1819-1880)

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