Bharti-MTN deal terminated

October 1st, 2009 MUMBAI - The shares of Bharti Airtel opened strong Thursday despite the firm having to terminate the proposed $24-billion equity-swap-cum strategic tie-up with South Africa's telecom major MTN to create the world's third largest mobile phone firm. The company's shares opened at Rs.435 Thursday, against the previous day's close at Rs.418.55, and soon shot up to a high of Rs.467, data with the Bombay Stock Exchange (BSE) showed.

September 30th, 2009 MUMBAI - Talks over a proposed partnership between Bharti Airtel and South Africa's MTN have been called off, with Bharti Airtel saying that the South African government is not ready to "accept the deal in its current form." In a statement issued on Wednesday, Bharti Airtel said that it says it hopes government will "review its position in future". MTN says: "Information has been released in India by Bharti Airtel Limited relating to the potential transaction between MTN and Bharti.

September 30th, 2009 NEW DELHI - India's telecom major Bharti Airtel and South Africa's MTN Wednesday terminated their talks for a proposed $24-billion cash-cum-equity deal that could have created the world's third largest mobile phone entity. According to Bharti, the proposed deal - which even had the backing of Prime Miniter Manmohan Singh - was called off after the South African authorities declined to accept certain regulatory constraints on the part of both sides.

September 26th, 2009 PITTSBURGH - Prime Minister Manmohan Singh has assured support to the proposed $23-billion equity swap cum strategic alliance between Bharti Airtel and South Africa's MTN and hoped the deal would go through. "I did mention this to President (Jacob) Zuma.

September 22nd, 2009 NEW DELHI - Communications and IT Minister A. Raja Tuesday said the proposed $23-billion deal between telecom majors Bharti Airtel and South Africa's MTN was not under his ministry's ambit.

September 22nd, 2009 MUMBAI - The $23-billion equity swap deal proposed by Bharti Airtel and South Africa's MTN may hit turbulent weather with India's capital markets watchdog amending the merger and takeover norms involving international transactions, experts said Tuesday. In a move that surprised the corporate sector, the Securities and Exchange Board of India (SEBI) Tuesday said the mandatory open offer norm will be triggered even if the overseas equity holdings, in the form of global depository receipts or American depository shares, exceed 15 percent of the total paid-up capital of the target company.

August 20th, 2009 MUMBAI - Bharti Airtel and South Africa's MTN Thursday said they were extending their talks for a proposed $23-billion financial alliance till Sep 30, with no final pact in sight even as the revised deadline of Aug 31 approaches. "Discussions between the parties regarding the potential transaction continue to progress satisfactorily and the parties have accordingly agreed to extend the exclusivity period until September 30, 2009," Bharti Airtel said in a regulatory statement to the Bombay Stock Exchange (BSE).

August 3rd, 2009 NEW DELHI - Bharti Airtel and MTN Group have extended their exclusive talks over achieving the tag of the world's third-largest mobile operator by a month to August 31. Bharti and MTN had revived merger talks in May, a year after the braking down of the first round of talks over the control of ownership of the merged organization.

July 31st, 2009 NEW DELHI - Indian telecom major Bharti Airtel and South African telecom giant MTN are yet to finalise their much-awaited merger deal, a senior official said here Friday. There is nothing as of now, a Bharti spokesperson said adding the company would update markets only Monday.

July 28th, 2009 COLOMBO - Bharti Airtel Lanka, a subsidiary of India's telecom major Bharti Airtel, Tuesday said it has crossed the one million customer-mark in Sri Lanka. The company has achieved this milestone within six months of the launch of its services in the island country.

July 23rd, 2009 NEW DELHI - India's leading telecom operator Bharti Airtel is still in talks with South African telecom giant MTN for a possible merger, a top official said Thursday. "Talks are going on between Bharti Enterprises, the parent of Bharti Airtel, and South Africa's MTN Group to form a global business combination," Akhil Gupta, managing director of Bharti Enterprises, told reporters.

May 30th, 2009 AMRITSAR - The Bharti group Saturday expressed confidence that it will seal the proposed $23-billion deal with South African telecom giant MTN, after restarting negotiations that had collapsed last year. The two groups are discussing options under which Bharti will acquire 49-percent stake in MTN and the South African company, along with its shareholders, will buy 36-percent equity in the Indian company, the two firms had announced May 25.

May 27th, 2009 JOHANNESBURG - Analysts here, who were initially enthusiastic over the transaction between mobile phone giants Bharti Airtel of India and South Africa's MTN, have turned cautious after share prices of both companies dropped Wednesday. MTN fell 4.46 percent and Bharti went down for the second consecutive day May 26, following an announcement Monday by the two that they were in discussions for a cross-ownership deal that could see the biggest mobile giant straddling Africa, India and the Middle East.

March 19th, 2009 NEW DELHI - Declaring her absolute support to the Bharatiya Janata Party (BJP) for the coming elections, Bharatiya Janashakti Party leader Uma Bharti on Wednesday said she would campaign for the BJP's prime ministerial candidate, L K Advani, in the interest of the country. Addressing a press conference here, Bharti said it would be her good fortune if she could help Advani achieve even a single vote.

March 18th, 2009 NEW DELHI - BJP's Prime ministerial candidate Lal Krishna Advani has found a supporter in Bhartiya Janshakti Party chief Uma Bharti, who has now come out in support of his candidature. In a letter to Advani, Bharti is believed to have expressed her support for the veteran leader, sources claimed.