Etisalat regrets Zain Saudi snub

Etisalat, which is seeking to complete a $12bn bid for a controlling stake in Kuwait Zain, has said it was comfortable with the pace of its due diligence on the firm, Reuters has reported. The company also said it regretted Zain rejection of all bids for a 25% stake in Zain Saudi, a key regulatory requirement for the Etisalat deal to go through. The due diligence process is still undergoing and, after this stage the results and the outcomes of will be discussed with the sellers before presenting it to Etisalat board of directors, an Etisalat spokesman said. Etisalat still expects to complete due diligence by the end of February, the spokesman noted.