Bharti Airtel extend talks with MTN to Aug 31

Posted By: Staff
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New Delhi, Aug 3: Bharti Airtel on Monday, Aug 3 has extended their exclusive talks with South Africa-based MTN Group for a potential transaction till Aug 31.

Bharti in a statement said, "As discussions between the parties regarding the potential transaction are continuing, both parties have agreed to extend the exclusivity period up to August 31, 2009."

Bharti had earlier announced on May 25, that it has entered into exclusive talks with MTN for exploring a potential transaction in cash deal to create a 23-billion-dollar entity. But the period for exclusive talks between them expired on Jul 31.

As per the deal, Bharti would acquire 49 pc shareholdings in MTN and MTN and its share holders would acquire about 36 pc economic interest in the Indian firm.

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