Bharti-MTN deal: Talks with govt on

Bharti Airtel and South Africa’s MTN,which are in exclusive talks until September-end,are still doing due diligence at the corporate level and are in talks with the government to hammer out the proposed deal that could see a 23-billion dollar joint entity.

Highly placed sources said the talk of any conclusion of the negotiations between both the companies are highly speculative,both are still doing due diligence of each others’ accounts,assets,liabilities and are also in touch with the government to ensure the regulatory compliance. According to reports,South Africa’s treasury and banking officials are meeting government officials in India to discuss foreign exchange control implications of the planned tie-up between MTN and Bharti Airtel that includes the contentious dual listing demand made by the South African government to the Ministry of Finance,here.

The deal,which has seen two deadlines expire hinges on a lot of ifs and buts,will be subject to the South African government approval and will require sanction from 75 per cent of shareholders present and voting in both companies.

If it happens,Bharti-MTN will have more than 200 million subscribers.