While doing my 5 seconds of research for my previous entry I came across this article. While the article isn’t exactly news considering that the deal has been making headlines for quite a while now, it contains parts that I found decidedly amusing.
At the moment Telkom shareholders own the fixed-line business and 50% of Vodacom. After the deal they will still own the fixed-line business, will hold 35% of Vodacom, and will pocket a substantial amount of cash. The analyst expected Vodafone to pay about R21,75bn once 15% of the debt was deducted.
“We don’t know yet how much cash will be paid out. Telkom is not going to keep that R22bn so it will pay it as a special dividend to shareholders.”
Vodafone did not want to buy Vodacom in its entirety, partly as it would have had to relinquish some of the shares for a black empowerment deal that is now under way.
Doesn’t this just speak volumes? Don’t forget the government’s 39% stake in Telkom. I guess a few politicians will be getting new cars.
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Very good post. Thanks for sharing.
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