Korek Telecom shareholder Agility Logistics has not received a formal takeover bid from French incumbent France Telecom, according to Reuters citing Kuwaiti daily al-Watan.
Agility chairman Tarek Sultan was quoted saying that he still hoped to sell a…
Korek Telecom shareholder Agility Logistics has not received a formal takeover bid from French incumbent France Telecom, according to Reuters citing Kuwaiti daily al-Watan.
Agility chairman Tarek Sultan was quoted saying that he still hoped to sell a 35-39% stake, as long as there was a “suitable” price offered.
France Telecom confirmed reports earlier this week that its board had scheduled a meeting for Wednesday December 8 to consider a possible bid in Korek.
The operator is the country’s number three player behind Zain Iraq and QTel-owned AsiaCell, having paid US$1.25bn for a licence in 2008.
It was founded in 2000 by Sirwan Mustafa, the nephew of Kurdish president Massoud Barsani. Agility agreed a US$250m option to buy a stake in Korek in September 2007.
France Telecom was unavailable for comment by press time.
