Bharti offers $10.7b for Zain's African assets
Sunday, 14 February 2010
KUWAIT, Feb 13 (Reuters): Kuwait's Zain has received an offer of up to $10.7 billion for its African assets from Indian telecoms firm Bharti Airtel, Kuwaiti newspapers reported Saturday.
Zain's board is expected to meet soon to discuss the offer, local daily al-Rai said in an unsourced report.
In another unsourced report Saturday, Kuwaiti al-Watan newspaper said that the firm's board is due to meet Sunday to discuss the offer.
Officials at both firms were not immediately available for comment. Zain said Monday in a statement on the Kuwaiti bourse website that it has not received any offers for the sale of its Zain Africa assets.
In October, Zain halted talks to sell African assets to appease potential buyers of a 46-per cent stake in Zain Group.
India's Bharti has been on the lookout for acquisitions since its planned $24 billion merger with South Africa's MTN failed in October, the second time the a proposed deal between the two had collapsed in just over a year.
Zain's board is expected to meet soon to discuss the offer, local daily al-Rai said in an unsourced report.
In another unsourced report Saturday, Kuwaiti al-Watan newspaper said that the firm's board is due to meet Sunday to discuss the offer.
Officials at both firms were not immediately available for comment. Zain said Monday in a statement on the Kuwaiti bourse website that it has not received any offers for the sale of its Zain Africa assets.
In October, Zain halted talks to sell African assets to appease potential buyers of a 46-per cent stake in Zain Group.
India's Bharti has been on the lookout for acquisitions since its planned $24 billion merger with South Africa's MTN failed in October, the second time the a proposed deal between the two had collapsed in just over a year.