Telefonica hires Lazard to sell Meditel stake

* Telefonica appoints Lazard for Meditel stake sale

* Arab bidders may be able to gain majority control

By Victoria Howley

LONDON, June 4 (Reuters) - Spain's Telefonica (TEF.MC) has appointed Lazard to manage the potential sale of its 32.2 percent stake in Meditel, Morocco's second-largest telecoms company, a person familiar with the matter said on Thursday.

The appointment means Arab bidders already pursuing Portugal Telecom's (PTC.LS) 32.2 percent interest will have a shot at gaining a majority stake in the company, several banking sources said.

Telefonica said on Wednesday it would study its options if an offer were made to buy its stake in Meditel.

Reuters reported previously that Portugal Telecom had selected Morgan Stanley to run its sales process.

Naguib Sawiris, chairman of Egypt's Orascom Telecom (ORTE.CA) has said his firm was eyeing an investment in Meditel.

Emirates Telecommunications Corp (ETEL.AD), known as Etisalat, Bahrain Telecommunications Co BTEL.BH, or Batelco, and Saudi Telecom Company are likley to be interested as well, bankers said previously.

Lazard declined to comment. Telefonica and Meditel were not immediately available for comment. (Reporting by Victoria Howley; Editing by Douwe Miedema and Hans Peters)