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Telkom of South Africa Says No Merger Offer Received From Rain

  • Rain said it pitched a tie-up as alternative to MTN deal plan
  • Telkom shares rose on suggestion of a Rain merger proposal
South Africa’s Economy Enters 70th Month of Downward Cycle
Photographer: Guillem Sartorio/Bloomberg
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Telkom SA SOC Ltd. has received no offer or proposal from South Africa’s Rain to merge, the partly state-owned telecom company said in response to a statement from its smaller rival.

Internet provider Rain said earlier Thursday it had asked to pitch a tie-up to rival Telkom to become a third major operator in the country, a challenge to a takeover proposal from MTN Group Ltd that’s being discussed.