South African telecommunications group MTN said on Monday that it was still in discussion with Bharti Airtel over a potential transaction.
"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," it said.
On May 25 MTN said it would explore a potential transaction with Bharti Airtel to acquire an approximate 36 percent economic interest in Bharti, of which 25 percent would be held by MTN with the remainder held directly by MTN shareholders.
Bharti would acquire an approximate 49 percent shareholding in MTN. Bharti and MTN have agreed to discuss the potential transaction exclusively with one another until July 31 2009.
The potential transaction between Bharti and MTN would create a leading telecommunication service provider group aligning Bharti's market Indian business with MTN's African and Middle Eastern operations, MTN said.
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