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Telkom, BCX deal approvals still pending

Telkom, BCX deal approvals still pending

Photo by Bloomberg

30th January 2015

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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Certain regulatory approvals remain outstanding in Telkom’s proposed R2.67-billion takeover of JSE-listed Business Connexion (BCX), the parties said in an update to shareholders on Friday.

BCX noted in the statement that the Competition Authority of Botswana had approved the deal on November 4.

This had followed unconditional approvals for the deal from the Namibian Competition Commission on October 8 and the Tanzania Fair Competition Commission on October 13.

However, competition authority approvals remained outstanding in South Africa, while the Common Market for Eastern and Southern Africa Competition Commission and the Independent Communications Authority of South Africa had yet to give their consent to the deal.

Once these approvals had been secured, final approval for the takeover would be sought from the Takeover Regulations Panel and the JSE.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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