MTN shares fall nearly 4% after the deal with RCOM lapsedShares of South African telecom major MTN plunged nearly 4 per cent after the firm’s talks with Indian billionaire Anil Ambani-led Reliance Communication for a possible merger were called off. Shares of the company saw high fluctuations touching an intra-day high of 128.75 rands and an intra-day low of 120.50 rands.
Both MTN and RCOM called off their exclusivity talks for a possible merger citing “certain regulatory issues.” Both sides said they have mutually agreed for lapse of the 45-day exclusivity agreement that was extended on July 8 for a further two weeks to July 21. MTN announced withdrawal of the agreement “owing to certain legal and regulatory issues,” and said the parties were unable to conclude a transaction.
