South African telecommunications group Telkom SA, denied on Monday that talks concerning a possible takeover by British cell phone group Vodafone had taken place.
The statement was released following a claim by South African newspaper the Sunday Times that Vodafone's Chief Executive Arun Sarin had been in the country for talks that could lead to the takeover of Telkom.
In a statement, Telkcom CEO Papi Molotsane, who runs the nation's fixed line monopoly, indicated that at a meeting between the two parties this weekend the groups discussed ways to increase cooperation.
Both Telkom SA and Vodafone group each own a 50 percent stake in Vodacom, a pan-African cellular communications company.
This meeting was one of a series of meetings regarding Vodacom's future growth, the statement read. The objective of the meeting was to explore the possibilities of maximizing our joint investment in Vodacom.
Vodacom provides GSM cell technology to South Africa, Tanzania, Lesotho, Mozambique and the Democratic Republic of Congo. It is currently the market leader in South Africa, with a 57 percent share.
Telkom is currently controlled by the government which has a 37.7 percent holding.