Monday 21 March 2011

Failure of bid leaves Zain to go it alone - The National

Zain is back on the market, but investors are not exactly thrilled about its prospects for finding another suitor.

The telecommunications company, listed in Kuwait, closed at 1.3 dinars yesterday, down 4.4 per cent, on the first day of trading after the collapse of a proposed US$12 billion bid by Etisalat.

In a statement to the Abu Dhabi Securities Exchange (ADX) on Saturday, Etisalat said the offer of 1.7 Kuwaiti dinars per Zain share was "no longer viable", citing several reasons for ending the talks. These included regional unrest and disagreement among Zain shareholders.

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