UPDATE 1-Telefonica to study Meditel options in offer made

* Telefonica may sell Meditel stake

* Telefonica has first refusal on PT's stake in Meditel

* Meditel stake worth up to around 400 mln euros

MADRID, June 3 (Reuters) - Spain's Telefonica (TEF.MC) said on Wednesday it would study its options if an offer were made to buy its stake in Meditel, Morocco's second-largest telecoms company.

Telefonica and Portugal Telecom (PTC.LS) each have 32.2 percent of Meditel, and in May sources told Reuters that PT had hired Morgan Stanley to look for a buyer for its stake. [ID:nL7969313]

Portuguese brokerage BPI said last Friday that Meditel had already attracted Arab bidders, including Egypt's Orascom (ORTE.CA), Bahrain Telecommunications BTEL.BH the UAE's Etisalat ETEL.AD and the Saudi Telecom Company.

Qatar Telecommunications (QTEL.QA) said on Monday they were considering a bid.

"It seems there is a sale process open and if an offer is presented we will study the situation," Guillermo Ansaldo, head of the group's business in Spain and Morocco, told reporters at a presentation in Madrid.

Telefonica, which has the right of first refusal if PT sells, did not specify what its move could be.

BPI said that should Telefonica also be willing to sell Meditel it would be easier for PT to find a buyer since that would give the buyer the chance to take a majority stake.

The brokerage values Telefonica's 32.2 percent stake in Meditel at 444 million euros.

Banque Marocaine du Commerce Exterieur has 17.6 percent of Meditel, which had 8.3 million subscribers at the end of March. (Reporting by Robert Hetz; editing by Karen Foster)