COPENHAGEN, Denmark (AP) — Norway's Telenor ASA says it and Malaysia's Axiata Group Berhad "have mutually agreed to end the discussions" to merge operations in Asia, a deal that could have created one of the world's top telecommunications companies with 300 million customers in nine countries.
Telenor says the talks, which have gone on for four months, were halted "due to some complexities" but declined to elaborate.
In a potential non-cash merger, Telenor was expected to hold a 56.5% stake and Axiata 43.5%. Both companies operate in Malaysia, Thailand, Myanmar, Bangladesh and Pakistan. Axiata also has a presence in India, Sri Lanka, Nepal, Cambodia and Indonesia but its Bangladesh operation would have been excluded.
Telenor said Friday it doesn't exclude that "a future transaction could be possible."
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