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Johannesburg - Shares in South African mobile phone group MTN fell as much as 6.3% after it said it had ended exclusive talks with India's Reliance Communications.
MTN shares dropped as much as 6.35, and by 09:24 the stock was trading 6.75% lower at R121.50 while the JSE Securities Exchange's Top-40 index was 1.02% higher.
MTN said on Friday it had called off talks with Reliance Communications aimed at creating a top-10 global telecoms group, saying they could not reach a deal.
"Owing to certain legal and regulatory issues, the parties are unable to conclude a transaction. Accordingly, it has been mutually decided to allow the exclusivity agreement to lapse," MTN said.