Contrary to reports that world's largest mobile phone company Vodafone is planning to bid for South Africa's MTN, the UK-based firm has said it is not in the race to acquire the African mobile major.
"Vodafone has ruled itself out of the running to acquire South African mobile phone group MTN, paving the way for Bharti Airtel of India to take a majority stake in the
company," UK-based The Daily Telegraph said in a report today. The report also quoted a Vodafone spokesman as saying, "Contrary to various reports, we will not be making a bid for MTN, rumours which have come off the back of talks between them and Bharti Airtel."
On Sunday, UK media had reported that Vodafone is examining the possibility of bidding for MTN.
The Sunday Telegraph had said that Vodafone is contemplating a bid for MTN and that the move could cost as much as 19 billion pounds, whereas the Sunday Times reported that the UK-based firm is examining a 20 billion pound bid.
Quoting sources close to Vodafone, the Daily Telegraph on Monday said the company had explored the option of making a bid for the firm through its in-house acquisition team led by former UBS banker Warren Finegold.
Last week, Sunil Mittal-led Bharti Airtel and MTN said they have initiated "exploratory discussions" for a possible stake acquisition in the South African mobile player.