Bharti Airtel Ltd stands a bigger chance of landing a proposed $24 billion cash and share swap with South Africa's MTN after sweetening the deal, two people familiar with the matter said.
Management of both companies has been working hard and I'm optimistic we'll get an agreed offer to put to shareholders before the end of the month, one of the people said.
I don't believe Bharti will have to sweeten its offer any further.
Indian mobile operator Bharti raised the cash portion in its bid for a 49-percent stake in South African peer MTN to $10 billion, up from around $7.6 billion before, two other people familiar with the matter said.
On top of that it would pay $4 billion in shares, the sources said, for a total package worth $14 billion. Previously, the stock element was worth some $6 billion, depending on currency and share prices.
Reuters reported last month that Bharti might sweeten its offer for a stake in MTN by between 5 and 10 percent, quoting a source familiar with the negotiations.
Regulatory issues were the last hurdle to be crossed ahead of an announcement, one of the sources said, adding that he did not see any major obstacles.
(Editing by Douwe Miedema, John Stonestreet)