MTN still in talks with Bharti for possible deal

South African telecom major MTN today said the company is still in talks with Indian firm Bharti Airtel for a potential transaction.

MTN and Bharti are in exclusive discussions till July 31, for a possible $23 billion-deal which would create a new telecom entity with about 200 million subscribers.

In a filing to the Johannesburg Stock Exchange, MTN said both companies are still in talks but did not disclose further details.

"... MTN and Bharti Airtel are currently in discussions regarding a potential transaction," it said.

The company referred to the filing on May 25 which announced that both firms are in discussions.

"Shareholders are advised that these discussions are still in progress and accordingly shareholders are advised to continue to exercise caution when dealing in MTN's securities until a further announcement is made," MTN said in today's filing.

Last year, MTN and Bharti were in talks for a possible deal but the same did not materialise.

The South African firm and Bharti have entered into an agreement to hold exclusive talks for a transaction that could include $10 billion in cash and $13 billion worth shares.