Vivendi's acquisition of majority stake in Maroc Telecom delayed
Vivendi Universal's plans to acquire a majority stake in Maroc Telecom have been delayed, reported Le Monde. According to the source, the Moroccan government did not respond to the French company's offer at the end of March.
Vivendi currently holds 35 percent of Maroc Telecom's shares and has been working towards acquiring another 16 percent stake from the Moroccan government for several months. Unofficial reports suggest that the government was not satisfied with Vivendi's offer and that it may be planning to regain control of the telecom provider.
Maroc Telecom reported a profit of four billion Moroccan dirhams ($444 million) for 2003, an 8.5 percent increase compared to figures from the previous year. The Moroccan government launched an international tender last month to select an advisor for the flotation of a stake in the company. The size of the stake was not revealed. — (menareport.com)
© 2004 Mena Report (www.menareport.com)