By Caroline Vutagwa
Etisalat has become the remaining bidder on the post as Qatar’s Ooredoo withdraws its offer to acquire Vivendi’s 53 percent shareholding because the process was taking too long.
Ooredoo, the rebranded Qatar telecom, had made this offer in December last year and handed in its fully financed binding offer late in April this year.
Jeremy Sell, Ooredoo’s chief strategy officer, said estimation and frustration with the process are the reasons behind their new decision.
Sources told Reuters early last month that Etisalat’s bid was higher than Ooredoo’s, but contained more conditions than the Ooredoo bid.
The group CEO, Dr. Nasser Marafi said that Maroc Telecom had represented a good fit for their global portfolio but it was no longer in the best interests of their shareholders to continue to commit capital to what has become a lengthy process.
He also said that Ooredoo has withdrawn their offer and we will focus their attention on generating value in other opportunities across our global footprint through organic and acquisitive strategies.
Vivendi was looking to raise about EUR 4.5 billion from the sale which would help the to pay down the group’s debt and has been looking forward to sell its controlling stake in Maroc Telecom.
Sources also told Reuters that a final announcement could be made in the coming weeks as Etisalat has agreed to remove some legal conditions that were hampering its bid.