Surprise as MTN drops P3.3bn Mascom deal

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.