Vodacom's plans to enter the Nigerian market have been put on hold after the mobile operator pulled out of talks over buying a controlling interest in V-Mobile.

Vodacom CEO Alan Knott-Craig said the group considered the asking price by V-Mobile for control of the company too high.

"Should the opportunity arise to purchase a controlling interest in V-Mobile at a price acceptable to the shareholders of Vodacom, then such an acquisition will be pursued," Knott-Craig said.

He added that Vodacom remained committed to entering the Nigerian market.

A source told Business Day the reason for Vodacom pulling out of the talks could be because parent Vodafone wanted to enter the Nigerian market, or because of legal issues or price.

Meanwhile, Vodafone now has an effective 98.7 percent stake in Vodacom shareholder VenFin.

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