merger-talks-fail-between-reliance-and-mtn

Merger talks fail between Reliance and MTN

India's Reliance Communications and South Africa's MTN call off their merger talks, just weeks after Bharti abandons its own plans to pursue MTN.
Indian telecommunications firm Reliance Communications and Johannesburg-listed mobile operator MTN have aborted their merger discussions, citing legal and regulatory issues.

MTN informed the Johannesburg exchange on Friday and Reliance Communications told its shareholders on Saturday that an exclusivity agreement between them would lapse. The two parties had entered the 45-day exclusivity on May 26 and, as recently as July 9, had extended the agreement until July 21.

MTN, which has 68 million subscribers, is Africa's largest cellular operator. It is being advised by Merrill Lynch and Deutsche Bank.

Reliance Communications is the flagship company of the ADA group. It was part of Anil AmbaniÆs share of the Reliance empire after a split of assets...
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