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Business deals

Malaysia's Axiata and Norway's Telenor call off Asia merger talks

Deal would have created a combined presence in nine countries

Axiata said that the two companies did "not rule out that a future transaction could be possible."   © Reuters

KUALA LUMPUR -- Malaysian telecom operator Axiata Group and Norway's Telenor have ended talks to merge assets in Asia.

The deal would have created the largest telecommunications company in Southeast Asia in a challenge to regional leader Singapore Telecommunications. "Due to some complexities involved in the proposed transaction, the parties have mutually agreed to end the discussions," Axiata said in a statement.

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