=MARKET BUZZ: Malaysia Axiata Slips; Potential Delay In Idea Cellular Deal Drags
KUALA LUMPUR (Jul 11) -- Axiata Group down 4.1% to MYR4.00 on potential further delay in proposed merger of its affiliate Idea Cellular with Vodafone's operations in India. India's telco industry regulator approved the merger with a condition that upfront airwave-related fees had to be paid. Idea, in which Axiata holds about 20% stake, is widely expected to challenge the demand, reports Economic Times daily, which could further stretch a deal which has yet to close even after more-than-a year. "Axiata may be impacted by the delayed merger," Hong Leong Investment Bank’s analyst Tan J Young tells Nikkei Markets. Notes, a "delay will cause Axiata to continue to account for the losses at Idea."
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