Reuters breaks news that Bharti and MTN likely to extend talks

South Africa’s rand pared gains and MTN stock slipped after Reuters reported on July 24 that MTN and Bharti Airtel would extend exclusive merger talks beyond a July 31 deadline. Speculation a deal could be close, ushering in foreign capital, had supported the rand in recent sessions. Reuters reporters in India and South Africa learned from sources that the talks would be extended given the complexity of the deal and traders cited news of the extension as a key driver behind the currency paring gains on Friday afternoon. The following week, the companies confirmed they were extending talks for a month.