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October 29, 2007

Johncom puts brakes on talks with BEE groups

JOHNNIC Communications (Johncom) has ended talks with black investor groups, including presidential hopeful Tokyo Sexwale's Mvelaphanda (Mvela) and businessman Cyril Ramaphosa's Shanduka, over the sale of a stake in one of its units.

Talks were ended because the deal failed to garner 75% support from shareholders, sources close to the deal said yesterday. Johncom, which owns 50% of Business Day, said on Friday that "negotiations had been terminated" but that it would proceed with a plan, announced in April, to split the company into two separately listed entities .

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Posted by StaffWriter at October 29, 2007 11:27 AM