MTN shares jump 6% on Ambani truce

May 25, 2010 |

JOHANNESBURG

The shares of South African telecom giant MTN, whose efforts to merge with the Anil Ambani group firm RCom two years ago failed due to the dispute between the Ambani siblings, soared 6 per cent today, a day after the billionaire brothers called truce.

MTN shot up to 104.50 rands in late afternoon trade on the Johannesburg Stock Exchange. The scrip climbed six per cent or 5.90 rand.
When asked whether it would reconsider talks with RCom, MTN spokesperson Nozipho January-Bardill told PTI that the company “cannot comment on this matter”.
Reportedly, the proposed deal with MTN had failed after Mr Mukesh Ambani-led Reliance Industries challenged Anil Ambani Group firm Reliance Commun-ication’s right to offload a controlling stake to the South African entity, claiming the right of first refusal granted by the family pact that divided businesses between the brothers. — PTI

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