Gulf suitors drop $950M bid for Zain Saudi stake
DUBAI, United Arab Emirates (AP) — Saudi billionaire Prince Alwaleed bin Talal says his investment company and Batelco Group are dropping their $950 million bid for a quarter of Kuwaiti telecom Zain’s Saudi division. Alwaleed’s Kingdom Holding Company said in a statement on Thursda
DUBAI, United Arab Emirates (AP) — Saudi billionaire Prince Alwaleed bin Talal says his investment company and Batelco Group are dropping their $950 million bid for a quarter of Kuwaiti telecom Zain’s Saudi division.
Alwaleed’s Kingdom Holding Company said in a statement on Thursday that the two sides couldn’t agree on the terms of the deal, without spelling out the details.
Kingdom Holding says dropping the bid is in the best interests of its and Bahrain-based Batelco’s shareholders.
The companies launched their joint bid for the 25 percent chunk of the Zain Saudi unit in March. Zain had been seeking to sell its stake in the Saudi division as part of a separate merger effort that has since fallen through.