South Africa has terminated a deal to sell a controlling stake in its flagship airline SAA.
South Africa terminated a deal to sell a controlling stake in its flagship airline after failing to agree on a value and other terms after three years of negotiations, Public Enterprises Minister Pravin Gordhan said.
“SAA will revert to be 100% owned by the state,” he said. “We are convinced that SAA can sustain itself in the next year to 18 months and that there are various other ways in which immediate financing can be obtained. “But at no stage will SAA get money from the fiscus” after a number of government bailouts.
Takatso said the original transaction had been renegotiated, and the revised terms were no longer considered to be in its shareholders’ best interest.
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