MTN drops legal case against Celtel takeover

10 Jun 2005

South African wireless group MTN Group has dropped its legal battle to seize control of rival African operator Celtel, writing off the defence of its defeated USD2.67 billion takeover bid as a waste of time and money. Celtel shareholders accepted a far higher bid of USD3.3 billion from Kuwait’s Mobile Telecommunications Company (MTC) in a deal completed early last month. Yesterday MTN’s CEO Phuthuma Nhleko said that the company had decided not to pursue the legal action it had instigated to prove a breach of contract, adding that it was now looking for other, similar opportunities, although there were ‘no specific moves in the pipeline.’

South Africa, MTN Group