UAE’s e& offers concessions after EU alleges subsidies in PPF deal

BRUSSELS: UAE telecoms group e& has offered concessions aimed at allaying EU concerns it may be benefiting from distortive foreign subsidies in its bid for some of Czech telecoms company PPF’s assets, EU competition regulators said on Monday.

The move by e&, formerly called Etisalat, came a month after the European Commission kicked off an investigation into an unlimited guarantee from the United Arab Emirates and a loan from UAE-controlled banks that directly facilitate the deal.