Airtel surges 11 pc on BSE day after MTN-deal call off
Bharti Airtel surged 11.57 per cent on the bourses, a day after the proposed $ 23 bn deal for the merger of Bharti Airtel and South African giant MTN, fell through.
By PTI |
MUMBAI: Bharti Airtel today surged 11.57 per cent on the bourses, a day after the proposed $ 23 bn deal for the merger of Bharti Airtel and South African giant MTN, fell through.
Shares of Bharti Airtel climbed 11.57 per cent to a high of Rs 467 on the Bombay Stock Exchange while on the National Stock Exchange the scrip jumped to Rs 459, up 9.61 per cent in the early morning trade.
Yesterday, Sunil Mittal-led Bharti called off discussions with MTN citing South African government's rejection of the proposed merger structure in its present form.
If the deal had gone through, it would have created the world's third largest telecom company with combined revenues of over USD 20 billion annually and a subscriber base of over 200 million.
The issue of dual listing of MTN to maintain its identity in the merged company appeared to have been the deal-breaker during the tough negotiations lasting well over four months.
Shares of Bharti Airtel climbed 11.57 per cent to a high of Rs 467 on the Bombay Stock Exchange while on the National Stock Exchange the scrip jumped to Rs 459, up 9.61 per cent in the early morning trade.
Yesterday, Sunil Mittal-led Bharti called off discussions with MTN citing South African government's rejection of the proposed merger structure in its present form.
If the deal had gone through, it would have created the world's third largest telecom company with combined revenues of over USD 20 billion annually and a subscriber base of over 200 million.
The issue of dual listing of MTN to maintain its identity in the merged company appeared to have been the deal-breaker during the tough negotiations lasting well over four months.
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