India's Bharti Says In Exploratory Talks With MTN

8th May 2008

India's top mobile phone firm Bharti Airtel said Monday it had entered into "exploratory" talks with Africa's biggest cellular operator MTN Group, which could lead to a possible takeover offer. The announcement followed media reports last month that Bharti, led by billionaire founder-chairman Sunil Bharti Mittal, was mulling a bid for the South Africa-based MTN. MTN has 68.2 million subscribers in more than 20 countries. Its largest operations are in South Africa, Nigeria and Iran.

 "Bharti Airtel Ltd has entered into an exploratory discussion with MTN Group Ltd, South Africa," Bharti said in a brief statement issued late Monday. "Current discussions are still at an early stage, are exploratory in nature and may or may not lead to any transaction," the company said. Bharti Airtel is more than 30 percent owned by Singapore's SingTelNet.A Bharti spokesman said that the company had nothing further to add to its statement. MTN Group's shares have been surging on media reports that Bharti might be planning a bid for the company.

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