Even as the 45-day exclusive period of talks between Reliance Communications Ltd (RComm) and South African telecom major MTN is heading for a close, various speculations are doing the rounds. As per one report, the two companies are likely to extend the exclusivity period beyond the initial deadline, which expires on July 8.

However, according to international media reports, the Anil Ambani-led RComm and MTN are likely to announce their deal by July 6. The deal is expected to be worded in a manner to bypass any legal hurdles, which might arise if elder brother, Mukesh Ambani?s Reliance Industries Ltd (RIL) tries to stall it. A few reports suggest that the two sides have reached an agreement.

While some other international media reports suggest that RComm is planning to float a special purpose vehicle (SPV) and, with co-investment from a private equity and Middle East sovereign wealth funds, would acquire 51% of MTN under the proposed new structure in order to thwart any possible legal challenge from RIL.?

According to sources, RComm and MTN are planning to extend the exclusive discussion agreement by another 2-3 weeks. Meanwhile, African telecom giant MTN’s share price fell to a three- month low of 118 rand on Tuesday, while RComm scrip too has been taking a beating on the BSE for the last three months. RComm and MTN had announced the start of 45-day long exclusive discussions on May 26, which would be over on July 8. A few international media reports claim that the deal is likely to be announced this weekend, as the two sides are believed to have reached an agreement on the share-holding pattern.

And the deal has been carefully worded in order to avoid any claims of the elder Ambani. The report said, ?the two are getting very close to announcing the deal. If there are no last-minute disagreements, the announcement may come as early as Sunday or sometime next week.?In the event of Anil Ambani acquiring a 51% stake in MTN, the deal will be able to bypass any ?first right of refusal,? as then the deal would not imply an equity dilution on ADAG’s part.

However, a 51% stake would require almost $10-12 billion more than the current offering made by RComm.

While, RComm officials declined to comment on the development, RIL sources said that if the deal is being restructured, it implies that RComm agrees with the legality of the right of first refusal, which has been officially questioned.