MTN deal falls through and sends Rand into abyss - 2nd Oct 2009
President Jacob Ziuma's efforts to show South Africa's readiness to do embrace international business were thwarted yesterday, when the negotiations between the local cell phone operator MTN and the Indian telephone company Bhart Airtel went into a stalemate.After the four months long negotiations collapsed, the intended biggest corporate transaction in South African history worth 180bn Rand (14bn GBP) will not come into fruition.
The news came at a bad time and sent the South African Rand spiralling into an abyss by loosing more than 5% against major currencies.
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