United Arab Emirates-based telecom operator Etisalat has outbid its rival, Qatari firm Ooredoo, for Vivendi’s stake in Moroccan part state-owned operator Maroc Telecom, according to a report.
Reuters reports two people familiar with the matter have confirmed Etisalat’s bid is higher than Ooredoo’s, though it has more legal conditions.
HumanIPO reported last month Vivendi was expected to choose a preferred bidder for its 53 per cent stake in Maroc Telecom within a week, but the process has taken longer than expected, with Etisalat saying in a statement Moroccan legislation would compel the company to launch a bid for a full takeover should it acquire Vivendi’s shares.
Sources have now told Reuters Etisalat has the edge over Ooredoo in the battle for the controlling stake in Maroc.
Etisalat bid US$6 billion for Vivendi’s stake, with the sources saying the two companies have been locked in talks in recent weeks over some of Etisalat’s legal clauses. An extraordinary shareholder meeting is scheduled for tomorrow to approve the bid.
“If Etisalat cleans up its offer, then it wins,” one said. “If not, it will go to Qatar, who also made an offer that Vivendi can accept.”
