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25-05-14

Etisalat declines shares' purchase in Maroc

(MENAFN) Etisalat, which this month bought a 53 per cent stake in Maroc Telecom, has announced that it declined an offer to buy the remaining shares in the Moroccan firm, according to Gulf Daily News. Etisalat said it had been exempted from making an offer to minority shareholders, which is usually required under Morocco's takeover rules. Etisalat paid USD5.7 billion for Vivendi's stake in Maroc Telecom, while the remaining shares are split between a 30 percent stake owned by the government and 17 percent of freely tradable shares.