Reliance and MTN extend tie-up talks

0 Comments | AFP, July, 2008

MUMBAI (AFP) — Indian mobile phone giant Reliance Communications said Wednesday the deadline for talks that could lead to a blockbuster merger with Africa's largest cellular firm MTN had been extended.

The deadline had been pushed back to July 21, Reliance Communications said in a statement. Discussions began late May aiming to build a telecoms giant stretching from Asia to Africa and the Middle East.

"RCom and MTN have agreed to continue their negotiations in relation to such potential business combination, and have extended the period of exclusivity until 21st July 2008," the statement said.

"There is no certainty either on completion, or the timing of the said proposal," the statement added.

The merged firm would be worth up to 70 billion dollars,...