Bharti-MTN extend merger talks to Sept 30

Bharti Airtel and MTN Group extended talks on merger for the second time extending exclusive agreement to September 30. "No decision or agreement to acquire any shares or implement the potential transaction, has been made, said Bharti. "The discussions may or may not lead to any transaction." Bharti, offered US$10.8 plus 0.5 Bharti shares per MTN share for 49% of the South African carrier, while MTN and its shareholders planned to acquire 36% of Bharti, the two companies said on May 25.

Bharti Airtel will not increase its offer for South Africa’s MTN Group Ltd., Sunil Mittal, Chairman, Bharti Airtel was quoted as saying. The two companies don’t have any contentious issues related to the deal’s structure, which will be broadly in line with what was announced on May 25, a business news channel quoted Mittal as saying. Mittal is very hopeful of a successful conclusion to the talks before the Sept. 30 deadline agreed by the two companies, the report stated.