Tech & Communications

Ooredoo withdraws offer for Maroc Telecom

by  — 16 June 2013

Ooredoo (Qatar Telecom (Qtel) Q.S.C.) announced that it has withdrawn its offer to acquire Vivendi’s 53% shareholding in Maroc Telecom Group.

Ooredoo made an indicative offer for the Moroccan firm in December 2012 and submitted a fully financed, binding offer on 22 April 2013, which met all the requirements of the process.

Dr. Nasser Marafih, group chief executive officer, said, “Although Maroc Telecom represents a good fit for our global portfolio, it is no longer in the best interests of our shareholders to continue to commit capital to what has become a lengthy process. We are thus withdrawing our offer and we will focus our attention on generating value in other opportunities across our global footprint through organic and acquisitive strategies.” Most recently the company has expressed interest in investing in Myanmar.

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