No discrimination against MTN: PM
Pittsburgh: Prime Minister Manmohan Singh on Friday assured South Africa that there will be no "discrimination" against the proposed USD 23-billion merger deal between Bharti and MTN, facing the hurdle of dual listing.
"As far as MTN issue is concerned, I mentioned it to (South African President) Jacob Zuma. I sincerely hope that this deal would go through and there will be no discrimination against it," he told reporters in reply to a question at a press conference here.
Bharti and MTN are currently engaged in exclusive talks till September 30, 2009, for a possible merger deal involving cash and share-swap to create the world`s third largest telecom operator with over 200 million subscribers.
Two recent developments--changes in the takeover norms, announced by SEBI, and South Africa`s demand to allow dual listing of MTN in order to retain its identity, had raised concerns over the fate of the deal.
Supporting the Bharti group`s efforts to acquire stake in MTN and hoping that the deal would go through, Singh said officials of the two countries would discuss the issue.
Commenting on the deal, particularly the dual listing clause, Finance Minister Pranab Mukherjee had recently said "We welcome the deal, but it should be in context of existing laws of the land. These have to be kept in mind."
According to the initial agreement, MTN and its shareholders would acquire 36 percent stake in Bharti while Bharti would hold a 49 percent stake in MTN.
The process would see a transaction of USD 13 billion in cash and USD 10 billion in shares.
South Africa has said it is working closely with India on the proposed deal that requires exemptions on a range of exchange-control regulations.
"We have received an application from MTN for an exemption on a range of exchange-control regulations, and due process is being followed. The SA government is working closely with the Indian government through their Finance Ministries.
"It would be important that such mergers are not only of
benefit to the two companies, but to both countries as well,"
South African government`s spokesperson National Treasury
Thoraya Pandy had said.
Earlier this week, a delegation from South Africa had held discussions with the SEBI, RBI and Finance Ministry officials and is likely to take a decision on the contentious issue of dual listing soon.
Sources also said the two companies may extend the
exclusive talks period beyond September 30 to work out an
alternate structure of the deal.
More from India
More from World
More from Sports
More from Entertaiment
- One year of Modi govt: PM promises to fulfil aspirations
- Watch: Mumbai cops find new secret agents in housewives!
- Hundreds die as heat wave continues in India
- 2G scam: Ex-TRAI chief alleges Manmohan Singh had warned him to cooperate
- Pranab Mukherjee defends Bofors scam, says it was just a media trial
- Salman Khan attends sister Arpita's wedding reception in Mandi
- Zee Media's mega survey on Modi govt
- Zee Media Exclusive: Vidya Balan chats about 'Hamari Adhuri Kahani'
- Para athlete Deepa Malik complains of callous service by Air India
- I eat beef, can somebody stop me?: Kiren Rijiju hits back at Naqvi
- Smriti Irani visits Amethi, promises to pay insurance money to 25,000 women
- Delhi: Visually impaired boy scores 91.4% in CBSE 12th Board exams
- One year of Modi govt: Amit Shah addresses media
- MP: 14-year-old boy works as bonded labour since 2009
- UP: Man chops off wife's nose, hair for dowry
- One year of NDA govt: PM Modi writes open letter to nation, promises to transform India
- Arpita-Aayush wedding reception: Salman Khan spreads love in Mandi, says `hum aapke hain`
- World optimistic about India: PM Narendra Modi on 1 year of NDA govt
- MSBSHSE Class 12th HSC results 2015 to be declared at 1pm tomorrow
- CBSE Class 10 Board Result 2015 (cbse.nic.in, cbseresults.nic.in) postponed?
- CBSE Class 10 Board Result 2015 to be announced on May 28
- Rahul Gandhi takes a dig at one year of Modi govt, wishes 'happy birthday' to 'suit-boot ki sarkar'
- Check mahresult.nic.in for MSBSHSE Maharashtra Class 12 HSC Result 2015
- Bharatiya Janata Party lacks majority for Ram Temple, Article 370: Amit Shah
- AAP govt moves resolution against MHA notification: As it happened
- Maharashtra MSBSHSE HSC Result 2015 on mahresult.nic.in
- Heatwave kills 90 more in Andhra, Telangana; toll crosses 800
- I was misquoted, says Kiren Rijiju on 'beef' remark
- Gujjars adamant on holding talks in Bayana; rail tracks remain blocked
- CBSE 10th result to be declared tomorrow