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CDG may help Etisalat buy Vivendi's stake in Maroc Telecom.

M2 EQUITYBITES-July 17, 2013-CDG may help Etisalat buy Vivendi's stake in Maroc Telecom(C)2013 M2 COMMUNICATIONS

17 July 2013 - Moroccan institutional investor Caisse de Depot et de Gestion (CDG) may partner with Etisalat (ABD:ETISALAT) to help the UAE-based telecoms operator buy the 53% stake in Maroc Telecom SA (EPA:IAM) held by France's Vivendi SA (EPA:VIV), CDG's CEO said as quoted by Reuters.

As previously reported, Etisalat, also known as Emirates Telecommunications Corp, needs to find a local partner in order to get Morocco's support for the purchase of Vivendi's entire shareholding. The buyer of the controlling stake will also be required to launch a full offer for the minorities.

According to Anas Alami, the law allows CDG to acquire up to 10% of Maroc Telecom as it already controls 30% of the second-biggest operator Meditel. He went on to say that 10% is already a lot for the investor and that a decision is yet to be made. A Reuters source believes that CDG will be willing to buy a 5%-6% interest.

Alami did not wish to unveil whether CDG would take a portion of Vivendi's controlling stake or the 17% floated on the stock exchange. Morocco's finance minister Nizar Baraka separately told the news agency that the state will not be selling its own 30% in Maroc Telecom.

Previously, insiders told Reuters that Vivendi's interest could be worth between EUR4.1bn (USD5.4bn) and EUR4.5bn.

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Publication:M2 EquityBites (EQB)
Date:Jul 17, 2013
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