Fake denials - part 2
I got a bit caught up yesterday afternoon but I did want to reflect on what appears to be another example of a blatant "fake denial", which seem to be becoming increasingly prominent these days.
Last summer hacks at CNBC TV 18 landed a brilliant "exclusive" about how Aditya Birla / Idea Cellular and Vodafone were in the early stages of exploring a combination of their Indian operations. Here is the link:
And the response from an Aditya Birla spokesperson following CNBC TV 18's report was:
"This absolutely untrue and preposterous. There is no such intent."
But yesterday Vodafone said:
"Vodafone Group Plc ("Vodafone") notes the recent media speculation regarding a potential combination of Vodafone India and Idea Cellular ("Idea").
Vodafone confirms that it is in discussions with the Aditya Birla Group about an all share merger of Vodafone India (excluding Vodafone's 42% stake in Indus Towers) and Idea. Any merger would be effected through the issue of new shares in Idea to Vodafone and would result in Vodafone deconsolidating Vodafone India.
There is no certainty that any transaction will be agreed, nor as to the terms or timing of any transaction."