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Johannesburg - Vodacom is going ahead with its plans to list next Monday, 18 May, despite a court application to have it stopped.
Trade union Cosatu submitted this application last week in the North Gauteng High Court in Pretoria. This could result in one of this year's largest corporate deals in South Africa being delayed.
On Monday Vodacom confirmed that Cosatu had served the application on it as well. The other respondents include Telkom, the minister of communications, the British group Vodafone and the Independent Communication Authority of South Africa.
"The application is not a request for an interdict, and has not been entered as an urgent case," said Vodacom communications head Dot Field on Monday.
Cosatu had hoped that Vodacom would not run the risk of going ahead with the possibility that the court later declaring the listing void. Cosatu is asking the court to nullify the sale and unbundling of Vodacom, as well as its listing.
The Elephant Consortium, a small group of former President Thabo Mbeki's associates, will score millions of rands from the sale and, according to sources, this is the unofficial reason for the court application. The consortium has a 5.8% stake in Telkom.
Telkom holds 50% of Vodacom and this month plans to sell 15% of this to British group Vodafone - which already owns the other 50% - for about R20bn, and also plans to unbundle the remainder to its shareholders. These shareholders will then retain an interest in Vodacom, which is scheduled to list on the JSE next Monday.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.
