Etisalat scraps plan to buy more Maroc Telecom shares

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Etisalat, which this month bought a 53 percent stake in Maroc Telecom, has scrapped an offer to buy the remaining shares in the Moroccan firm, the United Arab Emirates operator said on Friday.

In a filing to Abu Dhabi's bourse, Etisalat said it had been exempted from making an offer to minority shareholders, which is usually required under Morocco's takeover rules.

An Etisalat spokesman separately confirmed this meant the company had now abandoned a provisional offer submitted earlier this week to the Moroccan authorities for approval.

The authorities decided that "due to public and national interest" Etisalat need not go through with its buyout bid, the spokesman added.

Etisalat paid 4.14 billion euros ($5.7 billion) for Paris-listed Vivendi's stake in Maroc Telecom, while the remaining shares are split between a 30 percent stake owned by the government and 17 percent of freely tradable shares.

Under bourse rules, acquiring companies do not need to offer minority shareholders the same price they paid in the original acquisition and Etisalat did not reveal the price per share it had proposed.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Breakdown in talks between Athens and its creditors plunged the...

Malaysia fund's $4.5bn rescue may weigh on Abu Dhabi's IPIC

Malaysia fund's $4.5bn rescue may weigh on Abu Dhabi's IPIC

International Petroleum Investment Co came to the aid of Malaysia...

Debt market beckons as Saudi bourse opens to foreigners

Debt market beckons as Saudi bourse opens to foreigners

Corporate bond issuance in the kingdom is the most active in...

Most Discussed