Veon abandons bid for Jazz, Banglalink after fall in rupee, shareholder resistance

Nieuws Mobiel Pakistan 11 OCT 2018
Veon abandons bid for Jazz, Banglalink after fall in rupee, shareholder resistance

Veon said it's ended its offer to acquire the assets of Global Telecom Holding in Pakistan and Bangladesh. The sharp fall in the Pakistan rupee and resistance by GTH minority shareholders to the offer led to the decision. Veon said it would continue to explore options to address its strategic relationship with GTH and its minority shareholders.

The takeover first announced in July was worth USD 2.55 billion and would have given Veon direct control of the mobile operators Banglalink and Jazz. This was already the company's second attempt to gain control of the assets. Veon launched last November a bid for the 42.3 percent of GTH it does not yet own. However, it was forced to withdraw the offer in April this year after it was unable to meet all the conditions. 

Categories:

Mobiel

Companies:

Banglalink,  Veon,  Jazz

Countries:

Bangladesh,  Pakistan

Tags:

M&A buyouts & divestments

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