Surprise as MTN drops P3.3bn Mascom deal

Mascom'smajor shareholders have apparently buried the hatchet
Mascom'smajor shareholders have apparently buried the hatchet

Mobile telecomms giant, MTN on Thursday announced it was giving up its bid to sell its stake in Mascom to Econet for $300 million, marking the end of a tumultuous eight-month investor battle.

MTN’s desertion of the bid came as a surprise as the group has a November date with the Botswana Public Officers Pension Fund (BPOPF) for arbitration in the battle.

Both sides had already lined up lawyers for the arbitration, in which the pension fund was challenging MTN’s decision to sell its 53% stake in Mascom to Econet. The BPOPF argues that a separate shareholder covenant with MTN gives the pension fund the right to make an offer for the stake under a forced sale arrangement.

Editor's Comment
Doctor's orders can't be overemphasised

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