New Delhi:
After four months of negotiations, the multi-billion deal between India's Bharti Airtel and South Africa's MTN has been called off. It was expected to create the world's third-largest telecom company.
The deal-breaker was reportedly the demand for a dual listing, along with South Africa's insistence that it wanted MTN to be a South African firm. At the recent G-20 summit in Pittsburg, Prime Minister Manmohan Singh had assured South African President Zuma of his support for the merger.
Bharti issued this statement: "Bharti and MTN have decided to disengage from their discussions for a merger...the South African government has expressed its inability to accept the deal in its current form. We hope the South African government will review its position in the future."
Bharti's exclusivity period with MTN Group ended on Wednesday.
The deal-breaker was reportedly the demand for a dual listing, along with South Africa's insistence that it wanted MTN to be a South African firm. At the recent G-20 summit in Pittsburg, Prime Minister Manmohan Singh had assured South African President Zuma of his support for the merger.
Bharti issued this statement: "Bharti and MTN have decided to disengage from their discussions for a merger...the South African government has expressed its inability to accept the deal in its current form. We hope the South African government will review its position in the future."
Bharti's exclusivity period with MTN Group ended on Wednesday.
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