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Rumor: China Mobile Abandons MTL Purchase
21st Century Business Herald, 5/14/08
Responding to recent rumors in the marketplace that India's Bharti Airtel planned to go up against China Mobile (NYSE: CHL; 0941.HK) for control of a USD 19 bln, 51% controlling stake in South African operator MTN, a source close to China Mobile says that China Mobile's overseas strategy is focused on cost control. According to the source, China Mobile established a dedicated team to study the possibility of acquiring a stake in MTN, and that although the team produced a feasibility report on the acquisition, a news leak caused MTN's stock price to shoot up, leading China Mobile to abandon the idea.
Keywords: Bharti Airtel, M&A, Africa, 0941.HK, China Mobile, CHL, MTN, overseas, strategy, wireless
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