Telkom shares rise after company says MTN talks continue

rallied on Tuesday after the partially state-owned telecommunications operator informed investors that it is still in talks with MTN Group about a transaction.

In a statement issued via the JSE’s stock exchange news service at 9.32am on Tuesday, Telkom renewed its cautionary announcement about the talks, which could see MTN buying it out in a cash- and share-based deal.The shares likely rallied after MTN last week hinted it could quit its talks with Telkom after the latter’s board signalled an apparent willingness to engage a separate proposal from wireless broadband operator Rain.

Last Friday, MTN said in a Sens statement that its board had written to Telkom’s board about Telkom’s announcement, earlier that same day, that it was considering Rain’s proposal.“A further announcement will be released by MTN, setting out its position with regards to the future of the transaction,” it said, suggesting it was prepared to walk away from the talks.MTN, which is also due to renew its cautionary announcement to shareholders, had not done so by the time of writing.

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