The British newspaper has quoted unidentified sources as saying that Bharti had bid 165 rand per share and had secured US$12bn from banks

The Financial Times (FT) says that Bharti Airtel has bid for a 51% stake in MTN, valuing the South African telecom group at US$37bn. The FT also reported that MTN's board may not want to sell the entire 100% to the foreign bidder.
The British newspaper quoted unidentified sources as saying that Bharti had bid 165 rand per share and had secured US$12bn from banks to finance the deal. It added that MTN's board had yet to grant Bharti exclusive access to its books and was hoping for a higher bid of near 180 rand.
The FT reported that Bharti had received commitments for US$6bn each from Goldman Sachs and Standard Chartered for buying a controlling stake in MTN. The balance funding would be raised by issuing equity shares to MTN shareholders.
Other companies likely to be interested in MTN include Reliance Communications, Vodafone and China Mobile, the FT said.
Shares of MTN, Africa's biggest telecom company, surged to a new record yesterday after media reports suggested that Bharti was looking to acquire the Johannesburg-based company.
A financial daily in India reported today that both Bharti and MTN have confirmed that they are in "exploratory" talks. But, the two companies also say that the discussions are at an early stage and may not lead to any deal.
MTN's Board met yesterday to consider the Bharti proposal. "Shareholders are advised to exercise caution when dealing in the company's securities until a further announcement is made," MTN said in a statement.
Singapore Telecommunications, which owns over 30% of Bharti, too confirmed today that the Indian telecom major was in talks with MTN. "Current discussions are still at an early stage, are exploratory in nature and may or may not lead to any transaction," it said.
MTN operates in 21 countries in Africa and the Middle East. It has 62mn subscribers. Its operations include Nigeria, Iran, Syria, Afghanistan and Sudan. Bharti had 62mn mobile subscribers as at March 31.
Shares in MTN rose 3.81% in Johannesburg yesterday to close at 150 rand, the highest closing price in the company's 14-year history. The stock reached as much a 152.01 in intraday trading.
Bharti's stock was last traded at Rs872, down Rs22 or 2.4% from the last close. The stock opened at Rs900 as against the previous close of Rs894. The stock is up 11% in the past one month, while the BSE Sensex has gained 14% in the same period.