The UAE telecom firm Etisalat ETEL.AD said on Saturday it would no longer pursue a deal to buy a controlling stake in Kuwaiti telecom rival Zain (ZAIN.KW) Etisalat said it had ended discussions with a unit of Zain major shareholder Kharafi Group to gather the shares to tender to its offer, the Abu Dhabi-based firm said in a statement.
"Etisalat has to announce unfortunately that negotiations ... towards acquiring a controlling stake in Zain have ended," the statement said.
The Gulf's largest telecom firm offered last September to buy a 46-percent stake in Zain, worth about $12 billion, for 1.7 dinars a share from a consortium led by Kharafi Group.
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