According to sources in the industry, African telecom major MTN has declined to offer a controlling stake to Bharti Airtel. India’s largest GSM carrier had shown willingness to pick up a 51 percent stake in the pan-African carrier. Earlier today, there were even speculations about a merger between the two carriers or a complete takeover of MTN by Bharti Airtel.

However, if the latest buzz from our sources is to be believed, MTN’s board does not want a single carrier or entity to pick up a controlling stake in the company. The MTN board had earlier declined an exclusivity agreement with Bharti Airtel, citing it anti-shareholder.

Bharti’s top brass is currently believed to be holding talks with MTN in London.