Qatar’s Ooredoo has withdrawn its offer to acquire Vivendi’s 53% shareholding in Maroc Telecom Group. The news leaves just Etisalat as the remaining bidder for the stake.
Ooredoo made an offer in December 2012 and submitted a fully financed, binding offer on 24 April 2013.
Dr Nasser Marafih, Group Chief Executive Officer, 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.”
Vivendi has been looking to sell its controlling stake in Maroc Telecom in an effort to pay down the Group’s debt. It is looking to raise around EUR4.5 billion from the sale.