Vodafone rules out £19bn bid for MTN

VODAFONE, the mobiles telecoms giant run by Arun Sarin, yesterday denied reports that it was mulling a £19 billion bid for MTN of South Africa.

"We have no intention of pursuing a bid for MTN," a spokesman said. It had been reported Vodafone was considering a bid for either all or part of Johannesburg-listed MTN. The denial came after India's top mobile operator, Bharti Airtel, said last week it was in exploratory talks with the South African company that could lead to a deal. Such a move by Vodafone would have significantly increased the British company's exposure to emerging markets.

MTN has assets in more than 20 emerging markets, including Botswana, Nigeria, Uganda, Cyprus and Syria.