Zain fails to identify successful bidders for Saudi stake

Zain Group is reported to have rejected all three bids for its 25 per cent stake in its Saudi Arabian subsidiary, a requirement before the takeover bid by Etisalat can be ratified. The stake is currently valued at around US$750 million.

"The board met today and declined all three offers," a source, familiar with the discussions, told Reuters.

Etisalat’s US$12 billion takeover offer for Zain Group expires at the end of this month and was dependent on a deal to divest the Saudi assets due to competition issues in the country between Zain and Etisalat’s subsidiaries.

On February 20 Batelco announced that its offer for the 25 per cent had lapsed.