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Ooredoo pulls out of bid for Maroc Telecom

2013-06-17 07:13:00| Telecompaper Headlines

(Telecompaper) Qatar-based Ooredoo has withdrawn its bid for Vivendi's 53 percent stake in Maroc Telecom, leaving rival Etisalat as the remaining bidder, Reuters reports. Jeremy Sell, Ooredoo's chief strategy officer, said valuation and frustration with the process are the reasons why Ooredoo dropped its bid. Sources told Reuters in May that Etisalat's bid was higher than Ooredoo's, though it contained more conditions and needed more work than the Qatari bid. The stake is worth EUR 4.2 billion at current market valuations. Sources told Reuters that a final announcement could be made in the coming weeks as Etisalat has agreed to remove some legal conditions that were hampering its bid.

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Category:Telecommunications

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