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Etisalat bids for remaining minority Maroc shares

Morocco , 21 May 2014

Etisalat bids for remaining minority Maroc shares

Etisalat, which completed the purchase of a 53% stake in Maroc Telecom from Vivendi last week, has made a full bid for minority shareholdings in the Moroccan firm, bourse watchdog CDVM said on Tuesday.

CDVM suspended trading in Maroc Telecom after receiving the minorities bid, which was triggered by the purchase of Vivendi's stake, according the Moroccan financial market rules.

Etisalat bought the Vivendi stake for 4.14 billion euros ($5.7 billion).

The United Arab Emirates (UAE) based company has also agreed to sell its operations in several West African countries to Maroc Telecom for $650 million in a move to unify its African units.

Under Moroccan financial market rules, the buyer of more than 40% stake would have to make a full bid for minority shareholders.

The Moroccan government is the second largest shareholder with a 30% stake, while the free-float is around 17%. Details on Etisalat's bid were not available.

Moroccan officials have said the government's 30% stake was not for sale.

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