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Vivendi says sale of Maroc Tel to close by autumn
April 30, 2013 / 4:00 PM / 4 years ago

Vivendi says sale of Maroc Tel to close by autumn

PARIS, April 30 (Reuters) - Vivendi said that the ongoing sale of Maroc Telecom would not be finalised before the autumn, although two bids were now being evaluated in close collaboration with the Moroccan state.

The kingdom of Morocco owns 30 percent of the fixed and mobile operator and must approve Vivendi’s choice of buyer.

Vivendi has received binding offers from Ooredoo and Etisalat for its 53 percent stake in Maroc Telecom, which has a market value of around 4.2 billion euros. It is expected to choose a preferred bidder in the coming days, according to a person familiar with the process.

“We are working in close collaboration with the Moroccan kingdom in the sale process,” said Chairman Jean-Rene Fourtou at Vivendi’s annual shareholder meeting on Tuesday.

“It takes time. The deal will not close before autumn.” (Reporting by Leila Abboud; Editing by Elena Berton)

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