PM-LD MTN 2 LAST

According to the initial agreement, MTN and its
shareholders would acquire 36 per cent stake in Bharti while
Bharti would hold a 49 per cent stake in MTN.

The process would see a transaction of USD 13 billion in
cash and USD 10 billion in shares.

South Africa has said it is working closely with India on
the proposed deal that requires exemptions on a range of
exchange-control regulations.

"We have received an application from MTN for an
exemption on a range of exchange-control regulations, and due
process is being followed. The SA government is working
closely with the Indian government through their Finance
Ministries.

"It would be important that such mergers are not only of
benefit to the two companies, but to both countries as well,"
South African Government's spokesperson National Treasury
Thoraya Pandy had told PTI.

Earlier this week, a delegation from South Africa had
held discussions with the SEBI, RBI and Finance Ministry
officials and is likely to take a decision on the contentious
issue of dual listing soon.

Sources also said the two companies may extend the
exclusive talks period beyond September 30 to work out an
alternate structure of the deal. PTI