Bharti, MTN Call Off Talks, Failing to Win Approval
Bharti Airtel Ltd., India’s largest wireless operator, and South Africa’s MTN Group Ltd. called off merger talks, scrapping a proposed $23 billion transaction that would have been the world’s biggest cross-border deal this year.
Abandoning talks for the second time in two years, Bharti said the structure of the deal failed to meet the approval from the South African government. South Africa’s treasury said the talks ended on a mutual agreement by the companies to disengage.
The structure “needed an approval from the government of South Africa, which has expressed its inability to accept it in the current form,” Bharti said in an e-mailed statement. Bharti asked for an opportunity to revive the deal after the deadline for exclusive talks ended today.
Originally posted @ Bloomberg