|
|
According to Bharti Airtel and South Africa's MTN their talks for a proposed $23-billion financial alliance have been extended till Aug 31. This decision has been made by both the companies after they were unable to reach a pact within the earlier deadline that had expired on Friday.
"No decision or agreement to acquire any shares or implement the potential transaction outlined above has yet been made by the boards of either MTN or Bharti," the MTN’s statement.
"Shareholders are advised that the discussions between the parties regarding a potential transaction are continuing and both parties have agreed to extend the exclusivity period until up to 31 August 2009," said the statement.
"The discussions may or may not lead to any transaction and the structure and terms of the potential transaction may be adjusted to reflect further discussions between the parties."
The two groups are trying to reach a pact where Bharti will acquire 49% stake in MTN and the South African company, along with its shareholders, will buy 36% equity in Bharti Airtel.
The potential transaction is intended to create a leading telecom service provider group, aligning Bharti's market-leading Indian business with MTN's growing African and Middle Eastern operations.
