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Etisalat Misses Deadline for $12 Billion Zain Accord

Emirates Telecommunications Corp. will continue talks to reach an accord on its $12 billion offer for control of Kuwait’s Zain after it missed a deadline on “unforeseeable delays” to complete the diligence process.

“The parties have not made sufficient progress toward completion of the proposed transaction in order to meet that deadline due to unforeseeable delays in Zain providing access to all relevant information,” Etisalat said in an e-mailed statement today. “The parties do continue to work toward the announcement of a definitive transaction.”