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Zain, Paltel merger off

Serbia has called off the auction

After months of courting, the proposed merger between emerging markets telecoms giant Zain and Palestinian operator Paltel is off.

Zain announced plans in May to take an equity shareholding of 56.53 per cent in Paltel, a publicly listed carrier, in exchange for Paltel acquiring 100 per cent of Zain Jordan.

The proposed merger would have given Paltel shareholders 41.43 per cent of the merged entity. However the deal has been called off “because Zain did not receive the required government approvals that were condition precedent to concluding the deal”.

The combination of Zain Jordan and Paltel would have produced a business group which could have generated over $1bn in revenues and $300m in net income in 2009, the companies said at the time.
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