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Rel Comm rises up 12.5 pct on MTN deal clarity hopes
Fri Jul 4, 2008 5:58pm IST

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By Rina Chandran

MUMBAI (Reuters) - Shares in Reliance Communications surged 12.5 percent on Friday on expectations some clarity may soon emerge on its exclusive talks with South Africa's MTN Group that end next week.

The 45-day period of exclusivity ends on July 8, Reliance Communications has said, and some analysts and traders say the two firms may agree to extend talks or offer some other direction on a deal that could create a top-10 global telecom firm.

"There is an expectation that MTN may agree to an extension of talks," said a dealer who asked not to be named.

"But the question is for how long and under what conditions?"

An extension would give Reliance Communications chairman Anil Ambani some time to try to resolve a claim of right of first refusal on the telecom's shares by his estranged brother Mukesh, who runs Reliance Industries, India's largest firm.

Some traders and analysts expect Reliance Communications could make some sort of a statement on Sunday, July 6, the death anniversary of Dhirubhai Ambani, founder of the Reliance group.

"They are not likely to say a deal has been done," said Nishna Biyani, telecom analyst at Prabhudas Lilladher.

"They will probably say they are extending talks; that is if both firms are agreeable to a deal." Continued...
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