Bharti Airtel, MTN extend merger talks for further month

JOHANNESBURG: Bharti Airtel Ltd and MTN Group Ltd extended merger talks until Aug 31 after failing to reach an agreement before the July 31 deadline.

"As discussions between the parties regarding the potential transaction are continuing, both parties have agreed to extend the exclusivity period," New Delhi-based Bharti said yesterday.

Bharti, India's biggest wireless operator, proposed to buy 49 percent of MTN while Africa's largest mobile-phone company and its shareholders planned to acquire 36 percent of New Delhi-based Bharti, the two companies said on May 25.