Gulf Arab markets all end in positive territory as the region closes down for the long Eid holiday, with Qatar Telecom's bid for the remaining shares it doesn't hold in Kuwait's Wataniya driving growth on the Doha bourse.
Having announced at the end of June its desire to buy the outstanding 47.5 percent of the Kuwaiti telco's share capital, Qtel said on Thursday it had received regulatory approval for the bid.
Under the terms outlined in the statement, Qtel will offer 2.6 dinars per share, valuing the stake at 622.4 million dinars ($2.2 billion). The offer price is a 22.6 percent premium to Wataniya's share price on June 21, the day it lodged the bid with Kuwait's Capital Markets Authority.
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