Bharti Airtel, India''s largest private telecom company, pulled out of negotiation for acquiring an estimated $45-50 billion MTN, saying the South African telecom entity deviated from agreed terms.
The new structure envisaged Bharti Airtel becoming a subsidiary of MTN and exchange of majority shares of Indian company held by Sunil Mittal, promoter of Bharti, family and its foreign partner Singtel, in exchange for a controlling stake in MTN.Both (Bharti and MTN) had initiated talks about three weeks ago and talks were cordial through out this period and conducted in good faith.
Bharti also claimed that over a dozen internationally reputed bankers from the US and Europe of having pledged funds of over $60 billion for the acquisition.The reference point at which MTN shares were to be transacted was agreed and frozen at the point of starting the discussion and Bharti would like to confirm that there was no further discussion on the share price of MTN, at any point.
The new structure envisaged Bharti Airtel becoming a subsidiary of MTN and exchange of majority shares of Indian company held by Sunil Mittal, promoter of Bharti, family and its foreign partner Singtel, in exchange for a controlling stake in MTN.Both (Bharti and MTN) had initiated talks about three weeks ago and talks were cordial through out this period and conducted in good faith.
Bharti also claimed that over a dozen internationally reputed bankers from the US and Europe of having pledged funds of over $60 billion for the acquisition.The reference point at which MTN shares were to be transacted was agreed and frozen at the point of starting the discussion and Bharti would like to confirm that there was no further discussion on the share price of MTN, at any point.
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