Telkom (TKG) share price rose 5.6% after it terminated talks with Oger Telecoms to acquire all of cellphone company Cell C, Telkom said.
Telkom advised shareholders that it and Oger Telecoms have mutually agreed to terminate the talks.
Three shareholders, Oger Telecom, Lanun Securities (Lanun) and (CellSAF) (Pty) Ltd respectively hold 60%, 15% and 25% of the shares in 3C Telecommunications (Pty) Ltd (3C), which in turn owns 100% of (Cell C) (Pty) Ltd.
At 3.09pm, Telkom's share price gained 5.6% to R64.90 after closing at R61.46 on Wednesday.
Source: BDpro