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FINANCIAL NEWS
Etisalat cancels offer to Zain
20 Mar 2011
(MENAFN) Abu Dhabi-based telecom firm, Etisalat, stated that it canceled its offer for buying a controlling stake in Kuwait-based Zain for USD12 billion, due to political and industrial instability in the region, reported Gulf Daily News.
Etisalat said that the cancellation was also a result of lack of consensus among Zain’s board of directors regarding Etisalat’s proposal, and thus, the deal was canceled.
It is worth noting that Etisalat had submitted an offer to buy Zain Kuwait, on a precondition that the Kuwaiti company sells its Saudi unit. Zain recently sealed the deal for selling its stake in Zain Saudi to a consortium of Al Waleed bin Talal’s Kingdom Holding and Bahraini operator Batelco.
More News
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BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
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24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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