Talks are continuing between Dixons Retail, owner of Currys and PC World, and Carphone Warehouse about a possible merger that will create an electronics superpower in the UK. However, no decision has been made at present and time is running out.

The Takeover Panel in charge of the talks has extended the deadline, however, to 5pm 19 May so there could be a resolution within the next two months. But if neither party makes an offer for the other by that date, it is unlikely that the merger or buyout will happen.

The previous deadline was 5pm today, 24 March.

"Discussions are still ongoing and there can be no certainty that a firm offer will be made," said a joint statement.

READ: Dixons and Carphone Warehouse in merger talks

Former reports had suggested that if the merger is to take place, the chief executive of Dixons Retail, Sebastian James, will head the new high street and retail giant.

The new retailer would end up with 1,300 stores in the UK - 500 Currys and PC World, 800 Carphone Warehouse - although there's no guarantee that some of those that operate in the same area wouldn't be closed.