MTN Group Ltd. fell the most in more than a week in Johannesburg trading after a feud between India’s Ambani brothers threatened to disrupt merger talks with Reliance Communications Ltd. Chairman Anil Ambani. MTN, Africa’s largest mobile-phone company, lost as much as 3.94 rand, or 2.8 percent, to 135.01 rand, the biggest drop since June 9. The stock traded at 135.64 rand at 9:39 a.m., valuing the company at 253 billion rand ($29.3 billion).
Reliance Industries Ltd., controlled by Anil Ambani’s older brother Mukesh Ambani, said last week it had informed MTN and Reliance Communications that the company could block any move to sell a controlling stake in the Indian wireless operator without allowing Reliance Industries an opportunity to buy the shares.
Reliance Communications is India’s second-largest mobile- phone company.
No comments:
Post a Comment