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South Africa Gets Another Unsolicited Bid for a Telkom Deal

  • Investment firm Toto makes $433 million offer for shareholding
  • Rain, an internet-service firm, also bid for state-run Telkom
The Hillbrow Tower, operated by Telkom SA SOC Ltd., in Johannesburg.

The Hillbrow Tower, operated by Telkom SA SOC Ltd., in Johannesburg.

Photographer: Guillem Sartorio/Bloomberg

The South African government received an unsolicited bid for its 40.5% stake in Telkom SA SOC Ltd., following an announcement that MTN Group Ltd. is planning to acquire part of the carrier.

Investment firm Toto Consortium made an offer valued at $433 million for the stake in the nation’s third-largest mobile-phone company, according to Bloomberg calculations. The Telkom bid is based on a 30-day average share price of the firm, plus a 20% black empowerment discount, according to an offer letter seen by Bloomberg.