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Etisalat bids to buy Vivendi's Maroc Telecom stake

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(Globalpost/GlobalPost)

The UAE's giant telecom operator, Etisalat, said it will submit on Wednesday a bid to buy Vivendi's 53-percent stake in Morocco's operator Maroc Telecom.

Emirates Telecommunications Corp "will submit today a binding offer to Vivendi Group to acquire all its shares in Itissalat Al-Maghrib (Maroc Telecom)," the group said in a statement to the Abu Dhabi Securities Exchange.

It said the stake of the French group amounts to "approximately 53 percent of the issued share capital and voting rights".

Vivendi's stake reportedly has a market value of $5.9 billion (4.5 billion euros).

Etisalat said its offer takes into consideration the outcomes of the "due diligence exercise that was recently completed," adding that it will be binding "until the end of the second business day following the approval of the Etisalat's extraordinary general meeting".

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http://www.globalpost.com/dispatch/news/afp/130424/etisalat-bids-buy-vivendis-maroc-telecom-stake-0