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Etisalat secures shareholder support for Maroc Telecom bid

Etisalat has received approval from shareholders for the financing package to back its bid for Maroc Telecom, according to local sources.

The Gulf telecom operator is in competition with Qatar-based Ooredoo for Vivendi’s 53% stake in Maroc Telecom.

Etisalat held a general shareholders meeting (EGM) yesterday which concluded that the company could borrow up to €6.67 billion for the bid, an amount which exceeds its capital.

There was a quorum of 68% at the EGM, according to reports.

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