India's Bharti Airtel bids for stake in MTN

Reports say that Bharti has tabled a bid for MTN

India's top mobile phone firm, Bharti Airtel, is bidding for 51% of South African telecommunications group MTN, putting the value of the firm at $37-billion.

London's Financial Times reports that Bharti has tabled a bid for MTN at R165 per share and has secured $12-billion from banks to finance the deal, which would make Bharti a top player in emerging markets telecoms.

MTN says that it's in talks with Bharti. It has described the talks as exploratory in nature and has advised shareholders to exercise caution.