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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Bharti shares rally as boss hits out at Zain bid critics AFP - Thursday, February 18 Send IM Story Print Bharti shares rally as boss hits out at Zain bid critics NEW DELHI (AFP) - – Shares of Indian mobile phone giant Bharti rallied Wednesday after its boss called critics of the firm's 10.7-billion- dollar bid for the African assets of Kuwait's Zain telecom shortsighted. The shares jumped 2.44 percent to hit 279.10 rupees, snapping a two-day losing streak, as Bharti chairman Sunil Bharti Mittal said detractors were unable to understand the long-term logic behind the bid. "Allow us to work on Zain and in the coming months and years, we will prove them (the critics) wrong," Mittal told India's Economic Times newspaper in Barcelona where he was attending a conference. Bharti, India's top mobile phone company, and Zain said Monday they would hold exclusive talks until March 25 to wrap up the deal giving the Indian company entry into 15 African nations and 42 million new customers on top of the 125 million it already has. Bharti shares plunged 4.5 percent Tuesday and 9.2 percent the previous day on investor worries the New Delhi-based company was overpaying for underperforming assets. In an effort to reassure investors, Mittal said Bharti was looking at the "growth potential that Africa offers." "We have obviously gone into the deal with our eyes open," he said, adding he was sure Bharti would complete the deal within the "tight deadline." The takeover would give Bharti a foothold in Africa's cellular market where just 36 out of every 100 people own a mobile phone. That compares to developed markets where there are more mobile phones than people. India's government, meanwhile, offered all possible help to enable Bharti to carry out the acquisition. "They're our flagbearers. We'll do the utmost we can," India's Corporate Affairs Minister Salman Khurshid said in televised remarks. "We are very happy to see an Indian company expand its footprint overseas," he added. Bharti said in a statement the Zain purchase would cost nine billion dollars in addition to the Indian company assuming 1.7 billion dollars of Zain's debt. It declined comment on reports it could borrow up to nine billion dollars in short-term loans to finance the takeover that it would later refinance with longer-term debt as well as through funds raised by a share rights issue worth up to five billion dollars. Even if Bharti funded the entire deal with borrowed funds, Bharti's balance sheet situation would be "comfortable" as it's debt free, said Religare analyst Himanshu Shah. "Zains acquisition would be a strategic fit for Bharti in Africas high-growth market," Shah added. The company's Africa play is part of a drive to keep up growth momentum alongside its rapid push into rural India, as the urban mobile markets become saturated. Recommend Send IM Story Print Related Articles SEC: BofA didn't fire counsel for Merrill advice Reuters - 2 hours 28 minutes ago Toyota chief sidesteps Congress as pressure mounts Reuters - 2 hours 41 minutes ago Entrepreneur closes door on criminals Reuters - 2 hours 46 minutes ago Walgreen to buy Duane Reade in New York expansion Reuters - 2 hours 52 minutes ago Wall Street gains on earnings, economy Reuters - Thursday, February 18 News Search Top Stories Lufthansa pilots vote for crippling strikes Record aid to poor nations 'falls short of pledges' Scientists recreate Big Bang heat of 4 tln degrees C Lady Gaga scoops 3 awards at the Brits DNA reveals some mystery on King Tut, raises questions More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Third-hand smoke also bad for you: study First footage of clouded leopard captured in Borneo Barclays chiefs shun bonuses despite soaring profits Europe corners strike-hit Greece on debts Scientists recreate Big Bang heat of 4 tln degrees C More Most Viewed » Third-hand smoke also bad for you: study Pitt, Jolie sue British paper over split claims Fury heats up after new AIG bonuses Sugary soft drinks linked to pancreatic cancer: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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