On The Money - In Brief
- MTN Group, Africa's largest mobile phone network operator, said it has been approached by India's Reliance Communications about a possible "business combination" and has entered a 45-day period of exclusive negotiations. The merger talks with Reliance come after MTN and Bharti Airtel were unable to reach agreement on the structure of a deal and so by mutual agreement ended their talks.
- Telkom Kenya is set to embark on the search for a full service advertising agency to rebrand its troubled business, setting the stage for a high stakes battle for control of one of the most lucrative advertising and public relations consultancy in the country.
- Having survived plans to unseat him for wasting shareholders money, Vodafone CEO Arun Sarin's strategy of investing in emerging markets has paid off--and he is now looking for more, even as he steps aside. Announcing his plan to move on, Sarin reiterated Vodafone's interest in securing control of Vodacom, South Africa's largest mobile operator, which it jointly owns with Telkom, the country's leading fixed-line business. He added: "We will get the Africa stuff done, we will get the Asia stuff done, we will get the Internet stuff done."