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Kuwait Zain's studying bids for Celtel Africa sale

Kuwait Zain's studying bids for Celtel Africa sale

Kuwait-based Mobile Telecommunications Co., or Zain Group, is studying a large number of bids from American, European, Chinese and Indian companies to buy its unit, Celtel Africa, in a deal that could be worth billions of dollars, Kuwait-based Al Watan daily reports Wednesday.

Zain will take its time to perform a due diligence study of the bids due to the large number of offers it is receiving and the study may take up to one month to be completed, the paper reports citing people familiar with the situation.

A media report said Tuesday that Zain may settle this week the deal to sell Celtel Africa to a French company for up to $12 billion.