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:

Market Performance

Emirates Telecommunications Corporation
11.65
0.15 1.3 (%)
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
Finance talk with RAKBANK

Finance talk with RAKBANK

StartUp sat down with RAKBANK’s head of personal banking, Ian...

Tips from the top: Hisham Al Gurg

Tips from the top: Hisham Al Gurg

High profile investor and entrepreneur Hisham Al Gurg discusses...

1
The hubsters' ecosystem

The hubsters' ecosystem

Tamara Pupic visits Impact Hub Dubai, the first local branch...

Most Discussed
  • 9
    UAE teens among the highest for obesity rates

    @MT3 I forgot to add that of course this is assuming that the UAE moves toward a single payer model, something that I think has never been considered ... more

    Thursday, 28 August 2014 8:36 PM - Telcoguy
  • 9
    Smoke-free Dubai - the big debate

    Surprisingly the only studies that show a negative financial impact of the smoking ban on the hospitality industry are sponsored by tobacco companies ... more

    Wednesday, 27 August 2014 4:19 PM - Telcoguy
  • 3
    Former Arabtec CEO says wants over AED5 per share

    Investors are tired and losing confidence in the market, only speculators are making money at the cost of shareholders. How could any one put a price on... more

    Thursday, 28 August 2014 8:36 PM - B.Sainani