DUBAI: This month of May, Etisalat bought a 53% stake in Maroc Telecom. It has been submitted a compulsory tender offer to buy the remaining shares in the Moroccan company, the UAE operator disclosed.
Morocco policies state an acquiring company must offer to buy out marginal shareholders if it owns 40pc or more of the selection rights of the company.
Etisalat has submitted its proposal to h Moroccan authorities for their endorsement, the company said in stock exchange report but did not disclose the price for each stake it has tendered.
Under stock exchange regulations, acquiring companies do not need to offer alternative shareholders the same price they paid in the earliest acquisition.
Etisalat acquired Paris-listed Vivendi’s share in Maroc Telecom for 4.14 billion Euros ($5.7bn).
In Maroc Telecom, the Moroccan government is the second largest investor by a 30pc share while the free-float is around 17pc.