UAE telecom Etisalat drops $12 billion Zain bid
Sunday, March 20, 2011
DUBAI, United Arab Emirates (AP) — Emirati telecommunications firm Etisalat says it is dropping its $12 billion bid for a large chunk of Kuwaiti rival Zain.
Etisalat cited several reasons for the deal falling through in a statement posted to the Abu Dhabi stock exchange Sunday. Among them were the results of its due diligence process and political unrest in the region.
Etisalat launched its bid to acquire 46 percent of Zain in September. The process dragged on as Etisalat went through Zain’s books and some of the Kuwaiti firm’s shareholders expressed opposition to the deal.