Etisalat says talks to buy a 46 per cent stake in regional competitor Zain are still at an early stage. Etisalat Chairman Mohammed Omran said in a statement Thursday that his company has not yet begun examining Zain's books. He said that process could take weeks. Etisalat submitted a "preliminary conditional offer" for the Zain stake late last month. The deal is valued at almost $12 billion. One major regulatory question hanging over the potential transaction is the fate of the companies' competing operations in Saudi Arabia. Omran says he's confident Etisalat will win all needed regulatory approvals, including a "solution" involving the kingdom.