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Airtel and South Africa's flagship cellular group MTN hung in the
balance on Wednesday with the deadline for talks due to expire.
Shares of Bharti Airtel rose nearly one percent or 3.65 rupees to
hit 422.5 rupees in morning trade with time running out on the
exclusive talks. A spokesman for Bharti said it was not known when
an announcement might be made. The deadline for the conclusion of
discussions, which began in May, has already been extended twice.
"The two parties are in exclusive talks until the end of September,"
a spokesman said. The estimated 24- billion-dollar alliance could
prove the world's biggest cross-border deal this year. The talks
between MTN, Africa's largest cellular group, and Bharti, are aimed
at forging a giant with annual revenues of over 20 billion dollars
and 200 million customers. India's Financial Chronicle, quoting an
unnamed finance ministry official, reported Wednesday that Bharti
had asked MTN for two more weeks of exclusive discussions. There was
no comment from Bharti. "We'll most likely see another extension,"
investment analyst Rajay Ambekar of Prudential South Africa told AFP
by telephone.
