Customers visit a phone store operated by Telkom SA SOC Ltd. at the Menlyn Park shopping center in Pretoria, South Africa, on Tuesday, July 25, 2017. South Africa is evaluating assets it could sell to pay for this month’s 2.2 billion rand ($169.5 million) bailout of unprofitable carrier South African Airways, Finance Minister Malusi Gigaba said in letter to parliament. Photographer: Waldo Swiegers/Bloomberg
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By Mudiwa Gavaza
A mergers & acquisition watchdog gave Rain an embarrassing public dressing down for issuing a statement about a potential R40bn tie-up proposal with Telkom, ordering the mobile network operator to withdraw the announcement as it had not sought prior approval.
The Takeover Regulation Panel’s order in a statement on the JSE’s regulatory news service on Thursday came hours after Rain said it had approached Telkom about pitching a merger framed as a better alternative to the cash and shares takeover proposal from rival MTN Group.
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