Zain accepts bid for Saudi unit

DUBAI, Mar 14 (AP): Kuwaiti telecommunications firm Zain has tentatively accepted a $950-million bid for its Saudi operations, the division's joint suitors said Monday in a deal that could lead to further consolidation for the Mideast's mobile service providers. Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding Co said in a regulatory filing that it and bid partner Batelco Group of Bahrain received "preliminary acceptance" for their non-binding offer from Zain's board. Completing the deal is expected to take weeks. The acquisition will likely help move forward a far larger merger push involving Zain itself launched by Emirati telecom Etisalat. That $12 billion effort has dragged on for months and is complicated by Zain's ownership of the Saudi stake. KHC teamed up with Batelco to pursue the Saudi deal Sunday. They had previously made bids separately, but those offers were unsuccessful.