Top Stories
Bayelsa: Opposition battle Sylva over N1.9tr loans, N34b oil windfall
From MIKE TAYESE, Bayelsa
BAYELSANS still lost at sea over how come the debt stock in excess of N50 billion said to have been left behind by the former governor, Dr. Goodluck Jonathan, now Vice President of the Federal Republic of Nigeria, are in...
ReachOut Nigeria Campaign records astounding successes throughout the country
By AZUKA MORDY and TUNDE OYELEYE
THE much expected Reach Out Nigeria with Rhapsody of Realities campaign by the Christ Embassy Church, came to a climax last Wednesday throughout the...

 Rivers Council chairmen in multi-billion naira scam
From NWADIKE UGOCHUKWU,Port Harcourt
THE monumental corrupt practices that permeated the administration of local government councils in Rivers State in recent years are increasingly becoming a source of worry to concerned citizens as no less than N10 ...
I introduced probity, transparency,and accountability —Akpabio
Governor Godswill Obot Akpabio of Akwa Ibom state has, in recent months, endured some rough tackles over a deluge of accusations. He is faced with these mounting petitions, most of which emanate from opponents, accusing him of stealing...  
MIKANO Generators
By KELECHI DECA
MIKANO Generators is a subsidiary of Mikano International Limited, a company with 27 years experience in the areas of Building/Civil Engineering Construction and Steel...


NEWS
• Yar'Adua opens Abuja CTO2008 Summit
• Kogi sacks UBE principals, teachers
• Non- indigenes enjoined to vote in Lagos Sat polls
• Let's strengthen Yoruba unity, Daniel tells leaders 
• Northern leaders blamed for educational backwardness
• Furore over new N3b govt house
• Edo speaker romances AC
• Military invasion of Ebonyi: CLO makes case for N1b compensation to victims
• Robbers raid 14 houses in Ikenne 
• Youths blast IBB, Obasanjo on corruption
• LG boss bags Award
• Widow, 70, escapes ritualist attack 
• Experts advocate Tax concession for entrepreneurs
• Govt raises panel to probe Agencies
• Election Petition Tribunal:Idris opens defence  
• Ikuru advocates greater unity in N/ Delta
• Monarch preaches peace, unity
• Igbo leader gets Lamido's backing
• Group picks three ministerial nominees for N/Delta
• Amaechi commends JTF on peace
• NGOs move against Almajiris, destitutes
• Judiciary gets full autonomy
• Offer quality advice to Yar'Adua, Ministers told
• Nyako romances lawmakers
• Shun bad habits,influence, Lady Ohakim charges kids

Relating Stories

• Telkom's takeover offer: Vodafone edges
out Adenuga
• NNPC downplays militants' attack
• BOSHA approves N18.2b supplementary budget
• Ecobank extends $2.5b offer across Africa
• Yar'Adua opens Abuja CTO2008 ICT Summit
• NASSI 2008 international conference to gulp N45m
• Only eight stocks appreciated
• Market Review

Telkom's takeover offer: Vodafone edges out Adenuga

By OLUTAYO OLUBI

THE efforts of Globacom's chairman, Mike Adenuga to realize the largest mobile phone network on the continent might have hit the rock as it is apparent that Telkom South Africa prefers its partner in Vodacom, Vodafone to take over its stake in the company. National Daily reliably gathered that Vodafone is presently on the verge of securing control of Vodacom, South Africa's largest mobile phone operator.

Vodafone, which owns 50 per cent of Vodacom, is hoping to increase its stake to 62.5 per cent through a deal with Telkom, South Africa's leading fixed-line phone company. Vodafone, early in May, made an offer to Telkom to buy 12.5 per cent of Vodacom for $2.5billion. Mike Adenuga, Globacom's chairman, happened to be also interested in a merger with Vodacom to create a pan-African mobile phone operator. Globacom subsequently held informal discussions with Telkom about two potential transactions. But failing a merger, Adenuga wants to buy Telkom's 50 per cent stake in Vodacom. However, Telkom is only holding formal talks with Vodafone. Vodafone report confirms is relying on emerging markets for growth and is hoping to use Vodacom as a hub for businesses across Africa.

Making case for the merger, Adenuga, claimed that it would be attractive to the South African government. “We'll be providing an African solution, which is what the leadership the party leadership, the government leadership in South Africa is also craving for,” he said. “Politically it makes a lot of sense; economically it makes a lot of sense.”
Nicola White, Telkom's group executive for investor relations, revealed that “The Vodafone talks are progressing very well.” Vodafone declined to comment, although this month the UK company expressed confidence that it would secure control of Vodacom.

Any delay in finalising a deal with Vodafone is likely to be because the South African government, Telkom's largest shareholder, is in disarray. The country faces months of uncertainty after the ruling party ousted President Thabo Mbeki at the weekend.

It would be recalled that Telkom recently announced that it had suspended talks about selling its fixed-line business to Mvelaphanda Holdings, a South African black empowerment group. Mark Willcox, Mvelaphanda's chief executive, said unprecedented volatility in global financial markets had made it difficult to secure adequate debt funding for a transaction with Telkom. Vodacom has 34million customers in five countries.