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Etisalat makes top bid for Maroc Telecom - report

2013-05-27 09:29:00| Telecompaper Headlines

(Telecompaper) UAE-based operator Etisalat has offered a higher price for Vivendi's Maroc Telecom stake than rival Qatari bidder Ooredoo, Reuters reported citing two people familiar with the matter. Etisalat's bid needs further work, however, and has more legal conditions than Ooredoo's offer, so Vivendi has not yet made a final choice, the people said. While the exact prices of the offers were not clear, sources earlier told Reuters that they had come in lower than the EUR 5 billion Vivendi had initially hoped for and closer to the market value of the stake. Vivendi has been in talks in recent weeks with Etisalat to remove some of the legal clauses in its bid, the sources said. Etisalat has scheduled an extraordinary shareholder meeting on 28 May to approve the financing package for the bid. Ooredoo, meanwhile, crafted its offer with minimal conditions to make it simple and less risky for Vivendi, the group's strategy chief told Reuters earlier. Vivendi has not asked Ooredoo to improve its offer so far, the first source said.

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