Bharti denies buyout

By OUR CORRESPONDENT

New Delhi, May 6: Bharti Airtel said on Tuesday that it has not made any offer to acquire the whole or part of African operator MTN Group Ltd.

"The speculation around a bid by Bharti in a section of media is incorrect and misleading. Details of any transaction will be released promptly, if and when, the parties reach an agreement. As a responsible listed company, Bharti will continue to uphold the highest levels of transparency and corporate governance," said a Bharti spokesperson.

A report in an international financial daily had said Bharti has tabled an indicative offer for 51 per cent of the equity of MTN at about 165 rands a share, which would value the South African company at around $37 billion. Bharti has secured $12 billion of financing from Goldman Sachs and Standard Chartered, said the news report.