A competing bid by a Turkish conglomerate for the Kuwaiti operator Zain is an attempt to "sabotage" Etisalat's efforts buy a controlling stake in Zain, claims the chairman of the Kharafi Group.
Kharafi is a major shareholder in Zain, which is being targeted by Etisalat, which wants to acquire a stake that is estimated will cost Dh44 billion (US$11.97bn).
"We will not support this deal,' Nasser al Kharafi, the Kuwaiti billionaire chairman of Kharafi Group, said yesterday. "They are trying to sabotage our deal with Etisalat. So definitely we will not [be] going into this deal."
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