Vodacom to up its offer for Ghana Telecom?
Reports in the Ghanaian Chronicle suggest that Vodacom is preparing for the 51% stake in incumbent Ghana Telecom that the Government has decided to put back on the market after rejecting all initial offers, including the touted winner France Telecom.
According to the Chronicles “sources”, Vodacom’s new offer is expected to be above US$500 million. Since these sources are almost certainly within Government, there’s clearly an element of trying to talk the price up.
indicates that after the government of Ghana had rejected all of the bids it received for the privatisation of Ghana Telecom for a controlling stake of at least 51%, Vodacom is reinforcing its bid by preparing a new offer.
GT was due to have been privatised at the end of 2007 and bidders included France Telecom, Singapore Telecom, Vodacom, and Portugal Telecom had competed for it. Given the state of company it is perhaps not surprising that the potential investors had baulked at paying more than US$500mn for the stake.