Bharti-MTN deal not finalized: Salman Khurshid

NEW DELHI, INDIA: Talks between between India's Bharti Airtel and South Africa's MTN that could eventually lead to a full merger of the two firms have not been finalized yet, Corporate Affairs Minister Salman Khurshid said on Thursday.

In a written reply to a question in Parliament on whether the deal had been finalized or signed, the minister said it was not finalized. He noted any proposal to change the equity shareholding of the company would need government approval.

Bharti and MTN revived merger talks in May, a year after previous talks broke down over who would control a merged entity. A merger would create an emerging markets giant with more than 200 million customers across India, Africa and the Middle East.

The exclusive talks over the deal, which would see MTN and its shareholders taking a 36 per cent economic interest in Bharti and the Indian firm ending up with 49 per cent in MTN, are due to end on July 31.

Last week sources had told Reuters the talks were likely to be extended by at least two to three weeks.

Mt N's second-largest investor said earlier this week the South African firm was likely to reach an agreement with Bharti by the end of August.