Vodacom's listing on the JSE will go ahead as scheduled later this morning (Monday 18 May) after the Gauteng North High Court in Pretoria last night dismissed Cosatu's and Icasa's application for an interdict to prevent it.
The application, which played out over the weekend, followed an 11th-hour decision by Icasa on Friday to rescind its earlier decision not to intervene in a deal whereby Telkom sold 15% of its shareholding in Vodacom to UK-based Vodafone for R22,5-billon. Telkom's remaining 35% stake in Vodacom is to be unbundled among shareholders.
The deal saw Vodafone take a 65% controlling interest in South Africa's largest cellular operator.
According to News24, High Court Judge John Murphy said in his ruling that the original application to stop the deal may have succeeded because Cosatu and Icasa had a good argument, but that the damages done to South Africans were outweighed by the financial benefits and, as such, the court could not accept the application.
Following the court's finding, Vodacom issued yet another terse statement: “We welcome the judgement and we look forward to listing tomorrow,” was all it said.