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South Africa's Vodacom shareholder PIC to back Safaricom deal
June 2, 2017 / 10:16 AM / 5 months ago

South Africa's Vodacom shareholder PIC to back Safaricom deal

JOHANNESBURG, June 2 (Reuters) - South African telecoms operator Vodacom Group said on Friday it’s second biggest shareholder, the Public Investment Corporation (PIC), will vote in favour of its 34.6 billion rand ($2.67 billion) takeover of Kenya’s Safaricom.

The PIC, which includes the Government Employees Pension Fund, holds a 15.63 percent interest in Vodacom Group.

UK-based group Vodafone moved to consolidate two of its African interests in May with the sale of a 35 percent stake in Kenya’s Safaricom to Vodacom in exchange for an increased stake in the South African company where it is already majority owner. ($1 = 12.9420 rand) (Reporting by Nqobile Dludla; Editing by Greg Mahlich)

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