* Will review any new govt conditions
* To proceed with talks when environment improves
SEOUL, June 5 (Reuters) – South Korean fixed-line carrier KT
Corp is waiting for the South African government to
propose new conditions after it turned down its reduced offer to
acquire 20 percent of Telkom, a senior executive said
on Tuesday.
South Korea’s No.2 mobile operator slashed an initial offer
by nearly a third to 25.60 rand per ordinary share last month as
Telkom’s share price had fallen since the initial offer.
South Africa’s government, which holds a majority stake in
Telkom together with the state pension fund, rejected the
reduced offer.
“We don’t know what conditions Telkom want,” Yung Kim,
senior executive vice president at KT, told Reuters. “We will
review new conditions if they are offered.”
Telkom shares had fallen by about 25 percent from the
initial announcement of KT’s offer in October 2011 to the
revised offer seven months later.
A KT spokesman said the company was open to further
negotiations with Pretoria.
“We need to clarify the cause first. We are considering
proceeding with the talks again when the environment improves,”
he told Reuters.
Continued…
