The likelihood of success for Etisalat's US$12 billion (Dh40.4bn) bid for a controlling stake in Zain grew more remote last night as a top executive and shareholder of the Kuwaiti company said the deal would not happen.
Etisalat offered to buy the 46 per cent stake in Zain for 1.7 dinars a share last September.
But one of the conditions of the deal was the sale by Zain of its Saudi Arabian unit. Zain rejected three bids for the unit on Sunday and no further offers are on the table.
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