A Turkish company has made a US$7.89 billion (Dh28.98bn) bid for a 29.9 per cent stake in the Kuwaiti telecommunications operator Zain, just days before Etisalat was due to sign an agreement to buy a majority stake in the company.
Etisalat's and Zain's shareholders have until tomorrow to sign a "definitive transaction" agreement under which the UAE company would buy 46 per cent of the Kuwaiti operator for 1.70 dinars a share.
The transaction would ultimately give Etisalat a 51 per cent controlling stake of the company worth 3.36bn Kuwaiti dinars (Dh43.68bn).
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