Tuesday, July 21, 2009

Zain Rejects Vivendi Offer Over Payment Terms - Paper

According to a report by Kuwaiti daily Al Qabas, Zain has rejected an offer from French media conglomerate Vivendi to purchase a majority stake in its African operations. The report, citing sources familiar with the situation, says that the French group offered USD10.5 billion for a 65% stake in Zain Africa, which comprises mobile operations in 16 countries, including Nigeria and Kenya.

Zain, which has previously stated that its financial position is strong and that it has no need to sell, reportedly rejected Vivendi's offer over a disagreement regarding conditions of payment. Zain may now consider rival bids from Chinese and Indian firms also interested in Zain Africa.

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