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Bharti Airtel said on Monday a successful conclusion to revived merger talks with South Africa's MTN could change Singapore Telecommunications' holding in it. SingTel, Southeast Asia's top phone firm, owns about 31 percent in Bharti Airtel, India's leading mobile operator. 

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"SingTel's stake post the potential transaction would be contingent upon the ultimate mix of cash and shares," Bharti said in a statement in response to questions sent by Reuters. Bharti and MTN said they were considering an initial deal worth more than $23 billion, under which Bharti would pay cash and shares to end up with 49 percent of MTN after MTN pays cash and stock for an effective 36 percent stake in the Indian firm. 

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Bharti Airtel said SingTel would remain a strategic partner and significant shareholder after any deal. 

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Goldman Sachs was advising SingTel on its plan regarding the deal, a source with direct knowledge of the deal told Reuters. One year ago, when Bharti and MTN were first in talks, SingTel had said it would support Bharti financially in any merger and acquisition activity. 

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A merger between Bharti and MTN would create a $61 billion telecoms giant spanning Africa, Asia and the Middle East.

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