China Mobile's Millicom bid falls flat

China Mobile's bid to take over Millicom International Cellular, a telecoms investment company focused on developing markets, has been called off. Hong Kong's The Standard said the Luxembourg-based company made the announcement Monday. Millicom's parent company, Kinnevik Investment of Sweden, decided to end all discussions because the ", purchaser will not be in a position within an acceptable timeframe to make a binding offer that is suitably attractive." China Mobile's offer was reportedly about US$5.3 billion. China's lack of diplomatic relations with five of the 16 countries where Millicom operates, mostly in South America, complicated the deal.