Myanmar military approves Norwegian Telenor's exit

TAIPEI/BANGKOK -- Myanmar's military regime has given permission for joint-venture partners Shwe Byain Phyu, a local conglomerate, and M1 Group of Lebanon to take over Norwegian state-controlled Telenor Group's telecommunications business in the Southeast Asian country.

The approved deal sets the stage for one of the most high-profile and controversial business exits from Myanmar, which has experienced turmoil since Feb. 1 last year when the military toppled a civilian government. With Telenor's departure, the country loses one of its last major Western investors.