On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Telkom South Africa has cleared the second hurdle in its bid to take over Business Connexion, with 99,59% of shareholders voting in favour of its R2,4bn acquisition. Telkom bought its way to victory with the ordinary investors by offering R9 a share plus a dividend of 25c, for a share that analysts believe is worth less than R8. However its bid will face concerted opposition at the Competition Commission from the Internet Service Providers' Association (Ispa).

- A tender worth about R1.5 billion, to replace data and voice networks within the South African Revenue Service (SARS), which was to be awarded earlier this year, has been officially cancelled. The tender cancellation has fuelled suspicions that the entrance of Barry Hore, as acting CIO (replacing Ken Jarvis), has caused a reorganisation of all projects. There is also industry speculation that two other large tenders, currently in the evaluation phase, with a combined value of about R2.5 billion, will also be sent back to the drawing board.