Kuwait telecoms operator Zain (ZAIN.KW) rejected all offers to buy its stake in Zain Saudi on Sunday, throwing its planned $12 billion deal with Etisalat into jeopardy.
Zain had to sell the Saudi stake for regulatory reasons to allow the UAE's Etisalat (ETEL.AD) to buy a controlling 46-percent stake in the Kuwait firm.
"The board of directors has unanimously rejected all offers to purchase the share of group Zain Saudi Arabia, amounting to 25 percent," Zain said in a statement.
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