Ooredoo withdraws its bid for Maroc stake

Etisalat is now the sole remaining bidder for stake in Maroc Telecom
Ooredoo wants to focus on other opportunities.
Ooredoo wants to focus on other opportunities.

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Qatar’s Ooredoo has withdrawn its offer to acquire Vivendi’s 53% shareholding in Maroc Telecom, leaving UAE telco Etisalat as the sole remaining bidder.

Ooredoo made an indicative offer in December 2012 and submitted a fully financed, binding offer in April 2013, but Etisalat’s bid exceeded its Qatari counterpart’s, according to a recent report from Reuters.

Dr Nasser Marafih, group CEO, Ooredoo, said: “Although Maroc Telecom represents a good fit for our global portfolio, it is no longer in the best interests of our shareholders to continue to commit capital to what has become a lengthy process. We are thus withdrawing our offer and we will focus our attention on generating value in other opportunities across our global footprint through organic and acquisitive strategies.”

Last month, Ooredoo raised $12 billion to finance its bid for the stake in Maroc Telecom. Shortly afterwards, Etisalat gained shareholder approval to borrow up to $8.57 billion to support its bid.

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