Financial Times

ETISALAT IN MOVE TO ACQUIRE ZAIN STAKE 

Etisalat has made an offer to acquire a major stake in Zain, in what could be one of the largest-ever deals in the Gulf. “Etisalat has submitted a preliminary conditional offer to buy a stake in Zain. Concluding this offer depends on the fulfillment of certain requirements and conditions necessary to finalize the deal,” Etisalat said in a statement.

ROW ESCALATES OVER ORASCOM ALGERIA UNIT

Orascom said on Wednesday that Tamer al-Mahdy, CEO of its Djezzy subsidiary, has been questioned by the police regarding allegations by Algeria’s central bank that “assistance fees” paid by the subsidiary to its parent between 2007 and 2009 breached foreign exchange regulations, reports FT. Orascom has denied any wrongdoing and said that al-Mahdy has given clarifications to the authorities and will continue to cooperate.