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Despite these denials, worldwide media reports indicated otherwise.
Besides MTN denying any specific offer at that time, and even a statement by Akhil Gupta, a managing director at Bharti Airtel, that there was nothing on the table, the market continued to react to the speculation.
Analysts said any agreement reached would most likely result in a strategic alliance rather than a full takeover of MTN by Bharti Airtel. There were also views that MTN, an aggressive buyer in recent years, might want a stake in Bharti Airtel to gain access into the Asian market.
The Financial Times had earlier reported that Bharti Airtel was considering two options. The first was a 51 percent acquisition of MTN while still retaining its listing on the JSE; while the second was a buyout of MTN with a cash and share offer to shareholders, with a secondary listing on the JSE for Bharti Airtel.
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