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.

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