21 July 2009
French media giant Vivendi said yesterday that it is breaking off talks on buying telecom operations in Africa from Kuwait's Zain company.
Vivendi "is today suspending discussions begun some weeks ago on acquiring a majority stake in (Zain's) telecommunications activities in Africa," said the company.
The company said it had made the decision after applying its "usual criteria of profitability and financial discipline, in the best interest of shareholders."
The company aims to boost its presence in Africa, where it already holds a 53 per cent stake in Morocco's Maroc Telecom. Zain has total 65 million subscribers in all, with 40 million across Africa.
French media giant Vivendi said yesterday that it is breaking off talks on buying telecom operations in Africa from Kuwait's Zain company.
Vivendi "is today suspending discussions begun some weeks ago on acquiring a majority stake in (Zain's) telecommunications activities in Africa," said the company.
The company said it had made the decision after applying its "usual criteria of profitability and financial discipline, in the best interest of shareholders."
The company aims to boost its presence in Africa, where it already holds a 53 per cent stake in Morocco's Maroc Telecom. Zain has total 65 million subscribers in all, with 40 million across Africa.
By Staff Writer
© Emirates Business 24/7 2009
