Ooredoo withdraws offer for Vivendi stake

Ooredoo withdraws offer for Vivendi stake

Ooeredoo has announced it is to retract its offer for Vivendi’s 53% stake in Maroc Telecom.

In a statement today, Nasser Marafih, CEO at Ooredoo, said that the company was looking to focus its attention on generating value from other opportunities across its global footprint.

“Although Maroc Telecom represents a good fit for our global portfolio, it is no longer in the best interests of our shareholders to continue to commit capital to what has become a lengthy process," he said.

Vivendi reported earlier this year that it expects to close the sale this autumn; Etisalat now stands as the only bidder for the stake.