BRep
High Court rules in favour of Vodacom SAPA, Business Report, Johannesburg, 17 May 2009 The High Court in Pretoria ruled in favour of Vodacom and dismissed the application by Cosatu and Icasa to prevent its listing on the JSE, the Congress of South African Trade Unions said on Sunday. Spokesperson Patrick Craven said Judge John Murphey ruled in favour of Vodacom, Vodafone, Telkom and the government. But he said Cosatu would continue to oppose the listing by all legal means including launching a boycott of the telecommunications giant. He said Cosatu felt that the ruling was bad news for all people in South Africa in favour of those with money. Craven said the Murphey had accepted initially that Cosatu and Icasa had a legitimate case. The judge said the original application to stop the deal might have succeeded because Icasa and Cosatu had a good argument but the damages done to South Africans were outweighed by the financial benefits and as such the court could not accept the application. Craven said the need for the ownership to remain in South African hands was far more important than the inconvenience caused to share holders and executives. He said Cosatu planned to continue opposing the listing by all legal means. However, Vodacom spokesperson Nicholas Williams said in a one-line statement: "We welcome the judgment and we look forward to listing tomorrow." - Sapa From: http://www.busrep.co.za/index.php?fSectionId=552 <http://www.busrep.co.za/index.php?fSectionId=552&fArticleId=4985492> &fArticleId=4985492 --~--~---------~--~----~------------~-------~--~----~ You are subscribed. This footer can help you. Please POST your comments to [email protected] or reply to this message. You can visit the group WEB SITE at http://groups.google.com/group/yclsa-eom-forum for different delivery options, pages, files and membership. To UNSUBSCRIBE, please email [email protected] . You don't have to put anything in the "Subject:" field. You don't have to put anything in the message part. All you have to do is to send an e-mail to this address (repeat): [email protected] . -~----------~----~----~----~------~----~------~--~---
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