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Technology Shares of South Africa's MTN jump on Reliance talks
Technology Shares of South Africa's MTN jump on Reliance talks
Jul
07
2008
| Shares of South Africa's MTN jump on Reliance talks |
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 JOHANNESBURG (Reuters) - Shares in South Africa's mobile company MTN Group gained over 3 percent on Monday as the market awaited clarity on an expected deal with India's Reliance Communications.MTN shares were trading at 3.84 percent to 125.65 rand at 0806 GMT, outperforming the JSE Top-40 index, which was up 0.23 percent.
MTN and Reliance Communications started talks in May that could create a $66 billion emerging markets telecoms group with operations in about two dozen countries.The deadline for the exclusive talks is on July 8, and the market is expecting an announcement with regard to a possible deal. "People are thinking there is still some potential corporate action in MTN. Nothing official and that's what they are running on at the moment. I think they are extending those talks," Ferdi Heyneke, portfolio manager at Afrifocus Securities, said. Set as favorite Bookmark
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