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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Bharti shares jump, talk deal could be revived AFP - Friday, October 2 Send IM Story Print NEW DELHI (AFP) - – Shares in India's top mobile company Bharti Airtel jumped on Thursday, a day after it said merger talks with South Africa's MTN aimed at creating an emerging market powerhouse had been abandoned. Bharti shares closed up 4.01 percent or 16.80 rupees at 435.35 rupees after the cellular company said talks had failed with mobile phone operator MTN -- though Bharti voiced hope the discussions might be revived. "There is a window open, they may start up again," said Harit Shah, analyst at Mumbai's Angel Broking. The New Delhi-based company's shares had lagged the overall market since the talks began in May amid investor worry about the impact of the proposed 24-billion-dollar share-and-cash-swap on Bharti's balance sheet. MTN shares, meanwhile, were up 4.50 percent or 550 rand at 12,765 rand at midday on investor relief about the jettisoning of an offer they felt undervalued the group, dealers said. The collapse of the deal marked a setback to the buying spree by cash-flush Indian companies, which have been snapping up firms everywhere from Britain to Korea. But analysts said the deal could be revived after running aground on South African government worries about preservation of the national character of MTN, seen as one of the country's crown jewels. Bharti, which has large global ambitions, said late Wednesday the South African government "had expressed its inability to accept" the deal "in the current form. But Bharti added it hoped the government would "review its position in the future and allow both companies an opportunity to re-engage". The collapse of the plan to create a company with 20 billion dollars in annual sales and more than 200 million subscribers stretching across India, the Middle East and Africa made front-page headlines in Indian newspapers. "The deal is dead -- long live the dream," said the Economic Times, in a banner headline reference to hopes that the talks could be revived. The talks' failure marked the second time the two companies had been unable to forge an alliance. Bharti blamed the South African government's rejection of the deal structure for the talks' collapse, while MTN ascribed the failure to limits imposed by the "economic, legal and regulatory framework" in which both firms function. The tie-up with MTN, dubbed by the "runaway bride" by the media for its failed dalliances with other partners, would have marked the largest coup yet for Bharti chairman Sunil Bharti Mittal, who transformed a bicycle parts firm into India's leading mobile company by clients. "The deal could have created India Incs global footprint," said Corporate Affairs Minister Salman Khurshid. "Possibly, the time for this kind of a merger has not come yet." Both companies have strong reasons for wanting to expand. Bharti is coming under fierce pressure from domestic rivals while MTN wants to extend its reach beyond Africa. Analysts speculated both companies might pursue other targets in Africa, the Middle East and Asia. Or, analysts said, they might have another try at tying up. "I would not be that surprised if they re-engaged -- I don't know in what form or in what shape," said Gartner telecoms analyst Madhusudan Gupta. Investec Asset Management analyst Rob Forsyth, based in Cape Town, told a South African newspaper that the deal could still be revived. "Strategically the rationale is compelling so I dont think this is dead and buried." Recommend Send IM Story Print Related Articles Raiffeisen says filed suit to bankrupt Russian RBC Reuters - Friday, October 2 US STOCKS SNAPSHOT-Wall St slumps after manufacturing data Reuters - Friday, October 2 Bernanke, Rep. 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