French conglomerate Vivendi has revealed that it has received two binding offers for its 53 per cent stake in Moroccan operator Maroc Telecom.
Although the firm did not divulge who made the offers, UAE-based Etisalat and Qatari operator Ooredoo have both independently stated that they have made bids for the stake.
Vivendi said that it will examine the proposals during the coming weeks to determine which is in the best interests of both Vivendi and Maroc Telecom shareholders.
Etisalat said in a regulatory statement to the Abu Dhabi Securities Exchange, that its offer takes into consideration the outcomes of a due diligence exercise that the group recently completed. The offer will be binding until the end of the second business day following the approval of Etisalat extraordinary general meeting.
Qatar incumbent Ooredoo, formerly known as QTel, said that “certainty of funding has been arranged with a consortium of banks.” The operator added that further updates will be announced in due course.