Two months after India’s Bharti Airtel and South Africa’s MTN entered exclusive talks over their potential $23bn mobile phone tie-up, the “do not disturb” sign still hangs on the door. Those awaiting the creation of a new south-south telecommunications powerhouse will be anxious for an update about the progress of negotiations. But the lapse of the companies’ exclusivity deadline – which expired on Friday – is in itself no reason to worry.

Two months was always an optimistic target for getting the necessary regulatory sign-offs from the Indian and South African authorities. And gaining further regulatory approvals in the other 20-plus countries in the Middle East and Africa where the combined company would do business was bound to take months more.