Sunday, September 24

Etisalat scraps new shares plan

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Gulf Daily News


ABU DHABI: Etisalat, which this month bought a 53 per cent stake in Maroc Telecom, has scrapped an offer to buy the remaining shares in the Moroccan firm, the UAE operator said.

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.

Etisalat paid 4.14 billion euros ($5.7bn) for Vivendi’s stake in Maroc Telecom, while the remaining shares are split between a 30 per cent stake owned by the government and 17pc of freely tradable shares.

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