VenFin has committed itself irrevocably to acquiring what UK cellular company Vodafone does not buy of Hosken Consolidated Investments` (HCI`s) 5% stake in Vodacom.
VenFin says it and the Vodafone Group have agreed to purchase HCI`s 5% interest in Vodacom for R1.5 billion.
VenFin owns 13.5% of Vodacom, while Vodafone holds a 31.5% stake.
VenFin and HCI appear to have buried the hatchet after an earlier clash over whether there had been an agreement between the two to finalise the deal. Although VenFin believed it was a done deal, HCI maintained that there had been no binding agreement.
A cautionary notice issued by VenFin last night indicates that the spat is a thing of the past.
"It has not yet been finalised what percentage of the Vodacom interest will be acquired by VenFin," the company says in a cautionary notice to shareholders. "But VenFin has given an irrevocable undertaking to HCI that on or before 20 December 2002, VenFin shall accept the offer in relation to such percentage of the Vodacom interest that the Vodafone Group has not irrevocably agreed to accept at such time."
It says a further announcement will be made once it has been established what percentage of the Vodacom stake it will acquire.
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