Dubai-based Investcom is likely to beat China Mobile in the battle for Millicom International Cellular, with a bid of more than $5 billion. Investcom, which is controlled by the family of Najib Mikati, Lebanon’s former prime minister, had tabled the highest bid for Nasdaq-listed Millicom, which operates mobile phone licences in Latin America, Africa and Asia. China Mobile, which wants to expand into emerging markets, is understood not to have taken a final decision on whether to match the bid by the United Arab Emirates Group. Investcom had sales of $1 billion and net income of $10 million in 2005.
