RCom, MTN extend exclusive talk period till July 21 (Lead)

July 9th, 2008 - 2:16 pm ICT by IANS  

Mumbai, July 9 (IANS) The Anil Ambani-controlled Reliance Communication (RCom) and South African telecom major MTN have extended the period of exclusive talks for a possible merger till July 21, RCom said in a statement Wednesday. “RCOM and MTN have agreed to continue their negotiations in relation to such potential business combination, and have extended the period of exclusivity until July 21, 2008,” the statement said.

MTN and RCom, India’s second biggest mobile operator, have been locked in exclusive merger negotiations for 45 days that ended Tuesday. If successful, the talks would net the merged entity with more than 116 million mobile subscribers across India, West Asia and Africa.

The two companies had announced May 26 they had entered into exclusive negotiations for 45 days for a potential business combination.

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