Emirates Telecommunications Corp. will continue talks to reach an accord on its $12 billion offer for control of Kuwait’s Zain after it missed a deadline on “unforeseeable delays” to complete the diligence process.
“The parties have not made sufficient progress toward completion of the proposed transaction in order to meet that deadline due to unforeseeable delays in Zain providing access to all relevant information,” Etisalat said in an e-mailed statement today. “The parties do continue to work toward the announcement of a definitive transaction.”
Emirates Telecom, the United Arab Emirates’s biggest phone carrier and also known as Etisalat, is aiming to expand its presence in the Middle East, where Zain operates in countries from Kuwait and Iraq to Bahrain after selling most of its African assets last year to Indian billionaire Sunil Mittal’s Bharti Airtel Ltd. for $9 billion. For Zain, it is the second attempt by majority shareholders to sell control.
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