There were talks about possible merger between XL Axiata (EXCL) and SmartFren (FREN), currently third and fourth largest players in the telecommunication sector, few years ago at the back of merger of Indosat (ISAT) and Hutchison 3. The talks pushed their respective stock price to the last high at Rp3,170 and Rp150 each. Now EXCL is traded at Rp2,380, while FREN at Rp53.To subscribe please click here
