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Emirates Telecommunication Corp Ltd Lines Up $8 Billion Loan For Vivendi SA's Itissalat Al Maghrib Ste SA Stake Bid; Ooredoo QSC And KT Corp Also Bidders For Stake-Reuters


Sunday, 7 Apr 2013 08:08am EDT 

Reuters reported that Emirates Telecommunication Corp Ltd has lined up an $8 billion dual-tranche loan facility to finance its bid to acquire Vivendi SA's stake in Itissalat Al Maghrib Ste SA. French media group Vivendi aims to offload its 53% holding in the Moroccan firm to help reduce its debt. Two other potential suitors are also fighting over it, state-owned Ooredoo QSC and South Korea's KT Corp. The stake has a market value of around $6 billion, and the winning bidder is expected to eventually make an offer to buy out the minority shareholders, which would add to the purchase price. Bidders are expected to arrange financing for the stake purchase ahead of making final offers to Vivendi, which are due at the end of April. 

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