Luck has probably favoured Mittal since subsequent talks between MTN and Anil Ambani-controlled Reliance Communication foundered on opposition from estranged brother Mukesh Ambani's involving the terms of a family settlement.

Earlier, talks with Vodafone also failed on regulatory issues (MTN, in fact, has acquired the nickname 'runaway bride' -- after the movie starring Julia Roberts -- for wooing suitors and dumping them).

This time, Mittal appears to have done his homework more thoroughly. Instead of an outright merger in the first stage, he has worked out details of the equity that the two companies will acquire in each other, the better to ease their way through possible regulatory hurdles.

Even detractors think this is pretty much a done deal, regulations willing.

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