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Vodafone deal looks set to go

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Telkom's board and its major shareholder, the South African government, are both keen to conclude a deal to sell 15% of the share in Vodacom to UK-based Vodafone.

Yeserday, Vodafone submitted a non-binding proposal to acquire a 15% stake in  Vodacom from Telkom. The proposed consideration for this stake is R22,5-billion less the attributable net debt of Vodacom at the time of signature and will be settled in cash.Telkom unbundling its 35% stake in Vodacom to its shareholders pursuant to a listing of Vodacom on the main board of the JSE.
Today, Telkom issued a statement that the board of directors of Telkom is supportive of the proposed transaction, as is the government.