UAE-based Emirates Telecommunications Corporation (Etisalat), which agreed to acquire Vivendi’s controlling 53% stake in Moroccan incumbent telco Maroc Telecom last week, has submitted a mandatory tender offer to buy out the remaining minority shareholders in the North African firm. According to a press release, the bid currently awaits approval from the Moroccan Capital Market Authority. The company did not, however, reveal the price per share it proposed; under bourse rules, companies do not need to offer minority shareholders the same price per share they paid in the majority shareholder acquisition. The Kingdom of Morocco is the second largest shareholder in the Moroccan operator with a 30% stake, while 17% of the company is publicly floated.
As previously reported by TeleGeography’s CommsUpdate, last week Etisalat completed the acquisition of French media group Vivendi’s 53% shareholding in Maroc Telecom, via its indirect subsidiary Etisalat International North Africa (EINA), for a final consideration of EUR4.138 billion (USD5.675 billion). Etisalat holds 91.3% of EINA’s capital, while the Abu Dhabi Fund for Development owns the remaining 8.7% stake. The consolidation of Maroc Telecom and its subsidiaries will start in earnest this month.