United Arab Emirates-based operator Etisalat is open to completing a full buyout of Maroc Telecom as negotiations continue.
Etisalat and Qatari Ooredoo are vying for Vivendi’s 53 per cent stake in the network and any accepted bid would require them to make a further offer for the Moroccan government’s 30 per cent stake and that of all other minority shareholders.
According to Reuters, in a statement Etisalat said: “The legislation in Morocco will impose to Etisalat to launch a takeover bid to buy out the minority shareholders of Maroc Telecom.
“Therefore, Etisalat may hold more than Vivendi’s 53 percent.”
Etisalat, which already has operations in North Africa and is a major player in Nigeria, is funding the bid purely from external funds and bank loans.
Morocco’s King Mohammed reportedly flew to the UAE last week to join the negotiations with Etisalat and a chosen bidder is expected to be announced this week.
