JOHANNESBURG, South Africa - South Africa's largest mobile phone network operator said Friday it was unable to agree on a deal in talks with an Indian telecom company.
MTN Group Ltd. cited unspecified legal and regulatory issues for the failure of its talks with Reliance Communications Ltd., India's second largest telecommuincations company by number of subscribers.
Reliance had announced in late May that it had entered into exclusive talks with MTN Group.
"Owing to certain legal and regulatory issues, the parties are unable to conclude a transaction," MTN Group said in a statement posted late Friday on the Web site of the Johannesburg Stock Exchange. "Accordingly, it has been mutually decided to allow the exclusivity agreement to lapse ...."
An MTN spokeswoman contacted for comment had referred The Associated Press to the exchange Web site.
Reliance had opened talks with MTN soon after another Indian company, Bharti Airtel, said it was ending negotiations with MTN because the South African company's proposals would have seen the Indian company becoming a subsidiary.
MTN Group Ltd. cited unspecified legal and regulatory issues for the failure of its talks with Reliance Communications Ltd., India's second largest telecommuincations company by number of subscribers.
Reliance had announced in late May that it had entered into exclusive talks with MTN Group.
"Owing to certain legal and regulatory issues, the parties are unable to conclude a transaction," MTN Group said in a statement posted late Friday on the Web site of the Johannesburg Stock Exchange. "Accordingly, it has been mutually decided to allow the exclusivity agreement to lapse ...."
An MTN spokeswoman contacted for comment had referred The Associated Press to the exchange Web site.
Reliance had opened talks with MTN soon after another Indian company, Bharti Airtel, said it was ending negotiations with MTN because the South African company's proposals would have seen the Indian company becoming a subsidiary.
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