An announcement on a proposed merger deal between South African mobile communications giant MTN and India's Bharti Airtel is expected today.

The deadline for the conclusion of discussions, which began in May, has been extended twice, and expires today (Wednesday).

Earlier this month, newswire reports said Bharti had sweetened its bid to buy 49 percent of MTN by raising the cash portion of a US$14 billion offer, with minority shareholders being given an all-cash option. MTN and its stockholders are set to buy 33 percent of Bharti for about $10 billion, the Wall Street Journal reported.

The outcome of today's announcement has been the topic of much speculation in the media as a result of its complex nature.

Questions have been raised about whether a merged group would be listed on both the South African and Indian stock exchanges. South Africa allows for dual listing, but India does not.

And India's capital markets regulator, the Securities and Exchange Board of India (SEBI), said it had not received an application for dual listing.

The likely outcome, according to analysts is for the companies to announce a third extension of the talks.

Indian press, including the Indian Express, however, said that instead of extending the talks a third time, both sides are likely to initial a memorandum of understanding and thrash out the details later.

At 9.29 SA time MTN's share price was up 68 cents, or 0.55 percent, at R123.98.