Bharti bids $11mn for acquisition of Zain; Tanzania to retain 40% stake

After successfully acquiring Zain Zambia, Bharti Airtel is trying hard to take on its Tanzanian assets. For this, now the 3rd largest telecom giant in the world has initiated a bid worth US $11 million. However, the Government of Tanzania is in no mood to let off the 40% shares it is currently possessing in the telecom firm.

In this process, Tanzania is the only country out of 15 nations whom Bharti is acquiring for shares retaining. Professor Peter Msolla (Minister of Education, Science & Technology, Govt. of Tanzania) stated that the government is dominantly engaging Bharti Airtel on the proposed takeover bid. The government is pressurising Bharti to pace up the process of evaluation of Zain assets in the country for government's determination of satisfactory payment.

Also, the government of Tanzania is indulged in the investigations of reason behind the name change from Celtel to Zain Tanzania, as it is still sceptical about the purpose.

Going into the background, the much hyped and talked about Zain Tanzania takeover bid has not been finalised despite Bharti Airtel's announcement that it had paid US$10.7 billion for the acquisition of the Zain group in Africa. The whole matter is hung due to Tanzanian government's shareholding status in the telecom company and its candidature after announcement from Zain and Bharti about closure of the deal.

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