Etisalat makes mandatory offer for remaining Maroc shares
UAE-based operator Etisalat has submitted a mandatory offer to acquire the remaining shares in Maroc Telecom, following its successful bid for a 53% stake in the carrier.
According to Moroccan law, an acquiring company must put in a takeover bid, if it owns more than 40% of a target company’s voting rights.
Last week, Etisalat finalised its acquisition of Maroc Telecom from France's Vivendi for a reported €4.2 billion, in a deal that will see Etisalat take control of the largest wireless carrier in Morocco.
With a 30% stake, the Moroccan government is the second-largest shareholder in Maroc Telecom and officials have confirmed that this stake is not for sale.
Details of Etisalat’s offer have not been revealed.
Earlier this month, the UAE-based company announced plans to sell its operations in six West African countries to Maroc Telecom in an effort to unify assets.