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KT cuts offer for Telkom stake by third
10 May 2012
Korea Telecom trims bid for 20% stake in South African incumbent by 29% to $421m
Korea Telecom has reduced the value of its offer for a 20% stake in Telkom by 29%. The total sale value now amounts to $421 million, reported Reuters.
KT had earlier planned to pay 36.06 South African rand ($4.50) a share. However, with the reduced bid, the price per share has now come down to 25.60 South African rand ($3.20) a share.
The deal comprises an issue of 130 million new shares, that will reduce the South African government’s shareholding from the current 42% to 32%. GTB
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