Report: Vivendi Universal Bids for Morocco Telecom

Published December 21st, 2000 - 02:00 GMT

French media giant Vivendi Universal, barely a fortnight old after being created in a three-way merger, has lodged the sole bid to take over 35 percent of Morocco Telecom, a newspaper said in Paris Thursday. 

"According to sources, it was the only offer lodged yesterday, which was the deadline," said the report in Les Echos. 

The Moroccan government has set a floor price of 30.3 billion dirhams (2.1 billion euros, 1.9 billion dollars) for the sale. 

France Telecom decided against competing, "so as not to increase our debt," a company official was quoted as telling the newspaper. 

The French newspaper quoted Moroccan reports as saying the privatization, already delayed from June to this month, could be postponed to the start of 2001 because of the lack of candidates. 

Morocco Telecom had a revenue of 234 million dollars in 1999. It invited international offers on October 3 for 25-to-35 percent of its capital -- PARIS (AFP) 

 

 

© 2000 Al Bawaba (www.albawaba.com)

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