No stance on Bharti-MTN deal,says South African govt

The South African government said it has not taken any stance on the proposed Bharti-MTN merger deal as talks between the companies are still going on.

The South African government on Wednesday said it has not taken any stance on the proposed Bharti-MTN merger deal as talks between the companies are still going on.

“We wish to put it on record that the Department (of Communications) and/or the government have not taken a stance on the issue as discussion between the parties are ongoing.

“It is,therefore,incorrect that the government has offered its support for the proposed tie-up at this stage as reported in the media,” a Department of Communications’,South Africa,spokesperson told said from Pretoria.

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The Communications Department’s comments come in the wake of reports that the South African government supports the Bharti-MTN deal.

The proposed transaction worth USD 23 billion envisages Bharti taking 49 per cent in MTN while the South African entity along with its shareholders would have a 36 per cent economic interest in the Indian firm.

The companies have extended their exclusive talks period till September 30.

Earlier in the day,Bharti CEO Manoj Kohli,replying to a query if by September 30 all issues related to the transaction would be resolved,said that the process is on and “let’s wait”

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