Philippines' San Miguel, Australia's Telstra end venture talks

[MANILA] Philippine conglomerate San Miguel Corp said on Monday joint venture negotiations with Australia's Telstra Corp Ltd had been abandoned.

"Both San Miguel and Telstra worked hard to come up with an acceptable resolution to some issues. However, we agreed we can no longer continue with the talks. I believe this is best for all parties," San Miguel President Ramon Ang said in a statement.

San Miguel said its wireless unit will push through with its launch, adding that the conglomerate is still interested in considering other joint venture opportunities for its telco business.

REUTERS