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Deadline looms in talks for Bharti-MTN merger

AFP, New Delhi
The countdown is on in merger talks between India's top mobile firm Bharti Air tel and South Africa's flagship MTN cellular company to create an emerging market powerhouse.
The Indian company, which harbours big international ambitions, and MTN have pledged to negotiate only with each other until this Friday in a bid to wrap up a 23-billion-dollar alliance that would be India s biggest cross-border deal.
The two companies might have to prolong their period of exclusive talks by several weeks due to the complexity of issues being discussed, analysts said.
They expressed cautious optimism dial a pact would be struck between MIN and Bharti, controlled by billionaire tycoon Sunil Bharti Mittal who turned a bicycle parts company into India's leading mobile firm by subscribers.
Merger negotiations between Bharti and MTN collapsed in acrimony a year ago after the South African company drove a stake into the India firm's takeover aspirations with a counterplan to assume control of Bharti instead.
"I don't think Bharti would have gone into talks a
second time without thinking it could do a deal," said Angel Broking analyst Harit Shah.
"My gut feeling is it will probably go through." he said. "They seem to be treading cautiously and very carefully to make sure every issue is ironed out,"
Bharti and M I N have not discussed the talks publicly except to say they are still on
"Due to confidentiality, 1 can't say anything more," Akhil Gupta, deputy chief executive officer of parent company Bharti Enterprises, said.
The exclusive period of negotiations may (have to) be extended" as the two firms must "agree to the price and structure," said Sanjay Chawla, senior vice-president at investment house Anand Rathi.
But there could be an eventual deal," he said.
The merged company, in which Bharti would have the largest stake, would have over 200 million subscribers and 20 billion dollars annually in revenues and span Africa, Asia and the Middle East.
However, analysts said Bharti might have to sweeten its bid to win approval of shareholders of MTN, which many suitors have tried to drag to the altar and failed.