Reliance Communications, MTN talks off
July 19th, 2008 - 1:00 am ICT by IANS
New Delhi, July 18 (IANS) The consolidation talks between Anil Ambani-led Reliance Communications, India’s second largest private telecom company, and South Africa’s MTN were called off late Friday. Citing “legal and regulatory issues”, the two companies said late Friday they have allowed their exclusive period of negotiations to lapse.
“Owing to certain legal and regulatory issues, the parties are presently unable to conclude a transaction. Accordingly, it has been mutually decided to allow the exclusivity agreement to lapse,” a Reliance Communications statement said.
The two companies had entered into an exclusive 45-day talks May 26, which was extended to July 21 a week ago.
The decision was taken after at least four letters to MTN from Mukesh Ambani-controlled Reliance Industries that said their group had the first right of refusing a stake in Anil Ambani’s Reliance Communications, should they be sold.
The billionaire Ambani brothers have been locked in a bitter battle ever since the group, created by their late father Dhirubhai Ambani, was split a couple of years ago.
While Anil has Reliance Communications among the companies under his fold, Mukesh controls Reliance Industries, India’s largest private company.
- Reliance Communications, MTN talks called off - Jul 19, 2008
- RNRL signs new gas pact with RIL; Stocks move up (Lead) - Jun 25, 2010
- Nippon Life to buy into Reliance Group arm - Jan 19, 2012
- Nippon Life to invest $290 mn in Reliance Capital arm (Lead) - Jan 19, 2012
- Mukesh Ambani group tops in market cap, Anil's logs sharpest growth - Jul 01, 2010
- Shareholders approve Reliance Power-RNRL merger - Sep 06, 2010
- War of words among two Reliance groups continues (Lead) - Jul 18, 2008
- War of words among two Reliance groups continues - Jul 17, 2008
- Naming of RIL's insurance venture will be interesting - Jun 11, 2011
- RNRL signs gas pact with RIL - Jun 25, 2010
- Timeline of Reliance Krishna-Godavari gas dispute - May 07, 2010
- Ambani brothers pledge 'environment of harmony' with new pact (Roundup) - May 23, 2010
- Reliance Mutual looking for foreign partners to go global - Oct 02, 2011
- Nippon's pact for 26-percent stake in Reliance asset firm - Mar 22, 2012
- Reliance Life gets central bank nod for stake sale to Nippon - Sep 30, 2011
Tags: anil ambreliance industries, billionaire, bitter battle, consolidation, exclusivity agreement, four letters, legal and regulatory issues, mtn, negotiations, New Delhi, private company, reliance industries india, south africa, stake, telecom company