Bharti-MTN extends talks on merger to August 31

New Delhi, Aug 03 (ANI): Bharti Airtel and MTN Group have extended their exclusive talks over achieving the tag of the world's third-largest mobile operator by a month to August 31.

Bharti and MTN had revived merger talks in May, a year after the braking down of the first round of talks over the control of ownership of the merged organization. The merged firm would create an emerging markets giant with more than 200 million customers across India, Africa and the Middle East.

As per the initial terms, the MTN and its shareholders would take 36 per cent economic interest in Bharti Airtel and the Indian firm would end up with 49 per cent of MTN, sources said.

According to sources the exclusive talks over the deal, which would see each firm pay cash and stock for a stake in the other, were due to end on July 31.Earlier it was reported that the talks were likely to be extended by at least two to three weeks. (ANI)