The tables have certainly turned. Not long ago, Cell C refused a takeover offer from Telkom, saying the fixed-line operator needed it more because its Telkom Mobile unit was struggling. Cell C’s management maintained that if Telkom wanted the company, it had to "write out a cheque".CEO Jose dos Santos said in September 2015 that "Cell C has reinvented itself". "No one gave the company hope. Now competitors want to buy us because we are a good asset and it comes with a premium," he said at the time. But now, Telkom seems to have the upper hand. Its mobile network subsidiary, Telkom Mobile, although smaller than Cell C, is profitable and no longer burning cash. Cell C, on the other hand, is in a dire financial state having missed payments to debtors, which has resulted in a ratings downgrade for the group. All in all, things are not looking rosy for SA’s third mobile network operator. Cell C’s management, it is understood, is unable to raise money for its shares in the business as par...
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