UAE's Etisalat bids for Maroc Telecom minority shareholdings

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

Morocco regulations state an acquiring company must offer to buy out minority shareholders if it owns 40 percent or more of the voting rights of the company.

Etisalat has submitted its tender to the Moroccan authorities for their approval, the company said in a bourse statement, but did not reveal the price per share it has offered.

Under bourse rules, acquiring companies do not need to offer minority shareholders the same price they paid in the original acquisition.

Etisalat bought Paris-listed Vivendi's stake in Maroc Telecom last week for €4.14bn ($5.7bn).

The Moroccan government is the second largest shareholder in Maroc Telecom with a 30 percent stake, while the free-float is around 17 percent.

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!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Understanding blockchain and its growing importance in the UAE

Understanding blockchain and its growing importance in the UAE

Project Pen’s John Lillywhite talks to Moe Levin, founder of...

2
Why banking in the Gulf will never be the same again

Why banking in the Gulf will never be the same again

New technologies are emerging in banking and finance at a rapid...

Saudi prince aims for Silicon Valley appeal to gleam at home

Saudi prince aims for Silicon Valley appeal to gleam at home

Photographs of Prince Mohammed meeting Facebook boss Mark Zuckerberg...

Most Discussed
sponsoredTracking