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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Maroc Telecom | EU:IAM | Euronext | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.05 | 0.62% | 8.15 | 8.20 | 8.24 | 8.35 | 7.978 | 8.10 | 1,721 | 15:28:06 |
From Apr 2020 to Apr 2025
By Ruth Bender and Sam Schechner
PARIS--French conglomerate Vivendi SA (VIV.FR) Tuesday said it has entered into exclusive negotiations with Emirates Telecommunications Corp. (ETISALAT.AD) to sell its controlling stake in African phone operator Maroc Telecom (IAM.CL) for 4.2 billion euros ($5.5 billion) in cash.
Selling Maroc Telecom is a crucial move in Vivendi's broader effort to get rid of its telecommunications assets and reshape itself as a smaller business focused on a lineup of media companies.
The offer from Emirates Telecommunications, also known as Etisalat, values Vivendi's 53% stake in Maroc Telecom at 92.6 Moroccan dirhams a share and Vivendi would receive a total of EUR4.2 billion in cash for the stake, including EUR310 million in dividends for the year 2012, Vivendi said in a statement.
Etisalat is the last remaining bidder for the stake in a bidding process that has lasted many months. In June, Qatar Telecom withdrew the binding offer it submitted earlier in the year.
Vivendi and Etisalat aim to seal the deal before the end of this year, subject to the approval of the Moroccan government and regulatory approvals in the countries where Maroc Telecom operates, Vivendi said.
Talks had bogged down over disagreements between the Moroccan government, Etisalat and Vivendi over potential future tax liabilities and other minority shareholders, but those concerns have been largely resolved in informal talks with the government, according to people familiar with the matter.
The Moroccan state owns a 30% stake in the phone operator.
Write to Ruth Bender at ruth.bender@dowjones.com or Sam Schechner at sam.schechner@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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