"Bharti has decided to disengage from the ongoing talks and has conveyed the same to MTN," the company said. "The MTN board has now presented a completely different structure," the statement said, than what was agreed earlier.
The battle between the Ambani brothers flared up again today -- this time over the Anil Dhirubhai Ambani Group's (ADAG's) bid to seal a merger deal with South African telecom company, MTN.
The head of the South African mobile phone giant with huge interests in Africa was lauded by analysts here for having led MTN to great heights, but some felt that Nhleko's two failed attempts at a deal with Bharti Airtel had tarnished his image.
Bharti Airtel, India 's leading mobile operator, said it could "move pretty quickly" if the board of MTN, the South Africa-based telecoms group, puts itself up for sale on Monday.
According to South Africa government officials, they are working closely with India through their respective finance ministries on the proposed deal between Bharti Airtel and MTN, including seeking exemption on a range of exchange controls regulations.
According to finance ministry officials, Bharti which is in exclusive talks with MTN till September 31, will also have to seek the approval from the Foreign Investment Promotion Board if the foreign direct investment limit (direct or indirect) crosses the 49 per cent limit.
RCom, which, sources say had offered to pick up a 51 per cent stake in MTN through a complicated share-swap deal through which shareholders of the African company would pick up stake in RCom, had asked for an extension of the exclusivity talks for another three to four weeks.
A bench comprising Justices N K Sodhi and Samar Ray observed that the appeal was 'premature' and dismissed it as 'infructious'. Deepak Mehra, a shareholder of Bharti Airtel who holds around 100 shares aggregating to around Rs 40,000, sought to overturn an informal guidance issued by Sebi on June 22.
Telecom giant Bharti Airtel and South Africa's MTN on Monday said that no decision has been taken by their respective boards to acquire shares or implement the proposed merger between them as the period for exclusive talks has been extended till August 31.
Nisbet would be succeeded by Nazir Patel effective from October 1. Nisbet has been part of the telecom company for 14 years.
The meeting was attended by Sebi executive director Usha Narayanan, Sebi wholetime member Prashant Saran and Reserve Bank chief general manager foreign exchange department Salim Gangadaran among others.
Bharti Airtel's share-swap deal with MTN may trigger the takeover code. Under this code, an open offer for 20 per cent of a company's shares has to be made in two circumstances -- either the promoters buy more than 5 per cent in the company within a year or another entity acquires 15 per cent. The reason it is triggered is that Bharti Telecom, Bharti Airtel's promoter company, would end up indirectly buying a little over 12 per cent in it via its investment in MTN.
It also had other suitors like French company Vivendi, Egyptian company Etisalat and even MTN.
The Securities and Exchange Board of India on Tuesday revised takeover norms by bringing ADRs/GDRs with voting rights on par with the domestic shares, which makes an open offer mandatory if 15 per cent stake is bought in a company through these securities.
Sensex remained volatile through the day.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances