The exclusive merger talks between India’s Reliance Communications and South Africa’s MTN have been extended by a further two weeks, the companies confirmed today. The original exclusivity period expired yesterday (July 8) without a deal being completed. The extension to the exclusivity period, which will now run until July 21, is reportedly designed to allow the two parties to find a way to resolve a feud between the two brothers at the helm of the Reliance group, Mukesh and Anil Ambani, which is threatening to derail the deal.

Nishna Biyani, telecom analyst at brokerage Prabhudas Lilladher in Mumbai, told The Guardian newspaper: “The extension of talks is a sign that both sides are serious about a deal. That’s good news for shareholders.” However, lack of progress on a deal has affected both companies’ share prices recently. According to The Guardian, MTN’s market capitalisation has slipped from US$38 billion to US$31 billion since the negotiations were first announced, while Reliance Communications’ market cap has dropped from US$28 billion to US$20 billion.