Acquisition Talks Fail

Sistema's negotiations to buy a controlling stake in the parent company of India's Aircel Communications ended in failure, the Economic Times reported, citing two sources.

The Russian company could not agree on a price with Malaysia's Maxis Communications, which owns 74 percent of Aircel, the Indian paper said.

The paper reported last year that the companies were negotiating and that the deal could be worth $3 billion. Neither company officially confirmed the talks. Sistema subsidiary SSTL said its priority was not acquisitions but clarification of a frequency auction and the outcome of a court battle with the Indian government over frequencies taken away from the company.

(MT)

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