Vivendi Breaks Off Zain Talks
The French giant, which already owns extensive fixed and mobile operations in its domestic market, as well as a majority stake in Morocco's national operator, says it is "interrupting talks" with Zain.
In a short statement, Vivendi adds that it "has applied its usual criteria of profitability and financial discipline to this potential investment in emerging markets, in the best interests of its shareholders."
A report in Kuwaiti newspaper Al-Qabas suggests that Zain rejected a $10.5 billion bid from Vivendi to buy a 65 percent stake in Zain Africa, according to this Bloomberg story.
Investors are clearly pleased by the move: Vivendi's share price is up by €0.72, more than 4 percent, to €18.18 on the Paris exchange today.
— Ray Le Maistre, International News Editor, Light Reading