UAE's Etisalat bids for Maroc Telecom minority shareholdings

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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:

Market Performance

Emirates Telecommunications Corporation
12.3
-0.05 -0.4 (%)
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
Growth spurt for Gulf's e-commerce sector

Growth spurt for Gulf's e-commerce sector

The recent sale of Talabat.com to Germany’s Rocket Internet for...

What's behind modern spaceship design?

What's behind modern spaceship design?

A fleet of privately owned vehicles is set to challenge NASA...

Insider: Oil and gas sector in fear of hackers as cyber attacks surge 179%

Insider: Oil and gas sector in fear of hackers as cyber attacks surge 179%

Experts have put the vital industry on high alert as the threat...

Most Discussed
  • 8
    Has Narendra Modi already lost the plot?

    Do something for your country instead of giving an overview from outside the country. This article does not have indepth view of the policies announced... more

    Thursday, 26 March 2015 2:47 PM - umas
  • 4
    Nakheel PR: The toughest job in Dubai?

    I would suspect the damage is done. Nakheel should have put its customers first and made them allies. Instead, it has treated them as second-class citizens... more

    Friday, 27 March 2015 2:42 AM - Chris
  • 3
    Drunk passenger who slapped air stewardess jailed in Dubai

    @Nezaud is 100% correct. Infact I think it is utter hypocrisy for airlines to complain about Drunken passengers when it is they (the airlines) who are... more

    Friday, 27 March 2015 2:42 AM - Robert Carter