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Bharati Airtel and MTN merger takes flight.

Ajay Khandelwal's picture
Submitted by Ajay Khandelwal on September 10, 2009 - 04:12

Just found out from bloomberg thaat Bharati Airtel reached a $24 billion preliminary accord to buy each other’s
shares, the first step in a planned merger.Bharati went one step further by sweetening the deal to  buy 49 percent of MTN by
raising the cash portion of .MTN and its
shareholders are set to buy 33 percent of Bharti for about $10
billion, the people said. Singapore Telecommunications Ltd., which owns about 30
percent of Bharti, agreed to invest as much as $3 billion to
buy Bharti shares, according to the people.MTN rose as much as 5.1 percent in Johannesburg, closing
1.9 percent higher to 127.00 rand. Bharti stocks fell 3.5 percent to
409.35 rupees in Mumbai, trimming its gain this year to 14
percent.Bharti said on May 25 it offered 86 rand in cash plus half
a Bharti stock for each MTN share for a 49 percent stake, while
MTN and its shareholders would acquire 36 percent of the New
Delhi-based operator. .


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