Telkom, BCX deal regulatory approvals pending
Certain regulatory approvals remain outstanding in Telkom’s proposed R2.67-billion takeover of JSE-listed Business Connexion (BCX).
BCX noted in a statement to shareholders that the Namibian Competition Commission had given its approval of the deal on October 8 and the Tanzania Fair Competition Commission on October 13.
However, competition authority approvals remained outstanding in South Africa and Botswana, while the Common Market for Eastern and Southern Africa Competition Commission and the Independent Communications Authority of South Africa still had to give their consent for the deal.
Once these approvals had been secured, final approval for the takeover would be sought from the Takeover Regulations Panel and the Johannesburg Stock Exchange.
BCX had previously expected to issue a finalisation notice to shareholders on October 20, but said it would now only do so if and when the regulatory authorities approve the deal.
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