Bharti in talks for a controlling stake in South Africa's MTN

06 May 2008

Mumbai: Bharti Airtel has bid for a 51 per cent stake in South African telecommunications group MTN, valuing the firm at $37 billion, newspaper reports said.

Bharti, in a website release, however, said the negotiations with MTN Group Limited of South Africa are exploratory in nature.

''Current discussions are still at an early stage, are exploratory in nature and may or may not lead to any transaction,'' Bharti said in the release.

A statement issued by Singapore Telecom, which owns over 30 per cent of Bharti, also said Bharti is in talks with the South African firm.

"Current discussions are still at an early stage, are exploratory in nature and may or may not lead to any transaction," it added.

Quoting unnamed sources in the company, the Financial Times, said Bharti had offered 165 rand ($21.8) per share for MTN against the South African company's demand for 180 ($23.8) per share.