Bharti Airtel says S Africa's MTN merger talks off | The Daily Star
12:00 AM, May 25, 2008 / LAST MODIFIED: 12:00 AM, May 25, 2008

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Bharti Airtel says S Africa's MTN merger talks off

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Merger talks between India's biggest mobile phone services firm, Bharti Airtel, and South Africa's flagship MTN Group have been called off, the Indian company said in a statement on Saturday.
"Bharti has decided to disengage from the ongoing talks and has conveyed the same to MTN," the statement said.
Bharti, led by billionaire founder-chairman Sunil Bharti Mittal, said the talks collapsed over a new ownership structure proposed by Johannesburg-based MTN that would have involved "Bharti Airtel becoming a subsidiary of MTN."
"Bharti's vision of transforming itself from a home grown Indian company to a true Indian multinational telecom giant, symbolising the pride of India, would have been severely compromised and this was completely unacceptable to Bharti," the Delhi-based company said.

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