Etisalat deal with Zain at risk

UAE telco Etisalat's $12bn (£7.4bn) bid for a stake in Zain is in jeopardy after the Kuwaiti telecoms firm failed to meet a key condition and a major shareholder refused to allow more time for the deal. Zain yesterday rejected all bids for the sale of its stake in its Saudi operations, a key regulatory requirement for the Etisalat deal to go through. Abu Dhabi-based Etisalat had offered to buy a 46 per cent stake in Zain last September.