InfoAnda - Regulatory issues imperil Bharti-MTN deal: reports

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Regulatory issues imperil Bharti-MTN deal: reports AFP - Tuesday, September 22 Send IM Story Print Regulatory issues imperil Bharti-MTN deal: reports Slideshow: Full Photo Coverage: Business & Economy NEW DELHI (AFP) - – India's top mobile firm Bharti Airtel and South African cellular flagship MTN are ready to sign a tie-up deal but regulatory issues could stymie a final agreement, reports said Monday. "The deal is all set, agreed and legally ready to be signed," the Business Standard newspaper quoted an unnamed source close to negotiations as saying. But the Business Standard and The Economic Times say a final agreement could be blocked by the issue of whether India would allow the merged company to be listed on both the Indian and South African stock exchanges. A dual listed company (DLCs) involves two listed companies that have different sets of shareholders but share ownership of a single business operation. South Africa allows dual listing while India does not. The South African government, which indirectly holds over 21 percent in MTN, said earlier this month it was unwilling to sacrifice the firms "South African character" and raised the possibility of dual listing as a compromise. India media reports say the two firms have worked out details of the proposed 23-billion-dollar cash-and-share swap deal. The merged company would have over 200 million subscribers and 20 billion dollars in annual revenues. But allowing DLCs would involve substantial changes in India's foreign exchange and stock market laws and full cabinet approval, the reports said. A Bharti Airtel spokesman had no comment. The Economic Times said the issue was expected to be raised at a meeting between Premier Manmohan Singh and South African President Jacob Zuma on the sidelines of a G20 summit in the US city of Pittsburgh this week. The newspaper said Singh was likely to indicate the Indian government's support for the deal but added it was unclear whether he could give any assurance on changing India's legislation to allow dual listed companies. The Economic Times quoted Vincent Magwenya, a spokesman for Zuma, as saying the deal's future was dependent on whether "all regulatory requirements and other considerations in both countries" could be met. The 15-year-old MTN is South Africas largest telecoms company with 103 million subscribers in 21 countries. A merger between the two would create the world's third-largest mobile phone operator by subscribers that would straddle Africa, Asia and the Middle East. Bharti Airtel and MTN say they will engage in exclusive talks on a merger until September 30. Recommend Send IM Story Print Related Articles US stock futures follow world markets lower AP - Tuesday, September 22 Lennar touts signs of recovery as loss widens Reuters - Tuesday, September 22 Iran shifts to euro from dlr in calculating fund value Reuters - Tuesday, September 22 Petrohawk to sell Permian Basin assets for $376 mln Reuters - Tuesday, September 22 Oil falls towards $69 on signs demand still weak Reuters - 1 hour 44 minutes ago News Search Top Stories Ex-Samsung chairman pays $91 million fine Swine flu virus has not mutated: WHO chief World Bank urges G20 action on global challenges Scientists make paralysed rats run again Yemen army 'kills 140 Shiite rebels' in north More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Nanoparticles could pose threat to humans: scientists Scientists make paralysed rats run again Implanted tooth helps blind US woman recover sight SA govt wants athletics chief fired over Semenya Ex-Samsung chairman pays $91 million fine More Most Viewed » Ozone hole smaller in 2009 than 2008: WMO Poignant final farewell as Jackson laid to rest Remains of Jesus-era synagogue found in Israel Implanted tooth helps blind US woman recover sight More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Search Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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