Qatar's Ooredoo submits binding offer for Maroc Tel
PARIS (Reuters) - Qatar-based telecom operator Ooredoo QTEL.QA said on Wednesday that it had submitted a binding offer for Vivendi's (VIV.PA) 53 percent stake in Maroc Telecom (IAM.CS).
"The offer is fully approved and binding on Ooredoo with immediate effect," said the state-backed operator in a statement.
"Certainty of funding has been arranged with a consortium of banks.
Ooredoo, formerly named Qtel, is bidding against UAE telco Etisalat ETEL.AD for the stake valued at 4.46 billion euros ($5.80 billion) at today's market valuations.
(Reporting by Leila Abboud)