Etisalat denies TIM Hellas rumours

Greek market does hold some interest for Etisalat

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By  Published  November 30, 2006

The UAE\'s Etisalat is still to make a decision concerning a bid for Greek mobile telephone operator TIM Hellas. Late last month the UAE operator denied media reports that suggested Etisalat was set to offer around US$4.93 billion for TIM Hellas. “It will definitely be less than that. That level is unheard of,” Jamal Al Jarwan, Etisalat\'s general manager of international business, is reported as saying. TIM Hellas is owned by two private equity groups and is the third-largest mobile operator in Greece. Etisalat\'s bid for the operator will have to be decided by its international investment committee, which has been evaluating TIM for some weeks, according to Al Jarwan. The committee was expected to reach a conclusion in time for the bidding deadline at the end of November. “We haven\'t offered anything yet and we will offer the right price for the market,” Etisalat CEO Mohammad Al Qamzi is reported as stating. Earlier on in the bidding process Etisalat is said to have placed a non-binding offer for TIM Hellas.

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