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Technology Stocks : Africa - The Wireless Frontier
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To: Lynn who wrote (117)5/12/2008 11:43:56 AM
From: elmatador  Read Replies (1) of 180
 
Etisalat Is Evaluating MTN Group as Takeover Target (Update1)

By Abeer Allam and Mahmoud Kassem

May 12 (Bloomberg) -- Emirates Telecommunications Corp., the United Arab Emirates' biggest phone company, said it's evaluating MTN Group Ltd. of South Africa, Africa's biggest wireless operator, as a potential takeover target.

``Twenty-five percent of our company's revenue will come from Africa in the next two to three years,'' Mohammad Hassan Omran, chairman of the Abu Dhabi-based company, said in an interview at a telecommunications conference in Cairo today.

Etisalat aims to have 4 million subscribers in Western Africa in the same time period, Omran said.

Shares of MTN rose 3.7 percent to 159 rand at 1:15 p.m. in Johannesburg, its first gain in four days. Etisalat shares gained 0.2 percent to 21.45 dirhams in Abu Dhabi.

Vodafone Group Plc, the world's largest mobile-phone company, said today it won't bid for MTN. Vodafone's decision means one less competitor for Bharti Airtel Ltd., the Indian mobile-phone operator that's in talks with MTN.

Bharti and MTN said last week the discussions are exploratory and may not lead to a deal.

To contact the reporter on this story: Abeer Allam in Cairo at aallam@bloomberg.netMahmoud Kassem in Cairo at mkassem1@bloomberg.net
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