Vivendi takes majority share in Maroc Telecom

19th November 2004, Comments 0 comments

PARIS, Nov 18 (AFP) - French group Vivendi Universal, the world's largest media conglomerate, announced Thursday it had acquired a majority stake in the profitable Moroccan operator Maroc Telecom, confirming its strategy of focussing on telecommunications.

PARIS, Nov 18 (AFP) - French group Vivendi Universal, the world's largest media conglomerate, announced Thursday it had acquired a majority stake in the profitable Moroccan operator Maroc Telecom, confirming its strategy of focussing on telecommunications.

It said it had added to a 35 percent stake it already held by buying a further 16 percent, worth EUR 1.1 billion (USD 1.42 billion).

The deal would become effective in January under an agreement between the Kingdom of Morocco and Vivendi, the group said in a statement here.

The deal will yield important benefits for Vivendi because of Maroc Telecom's good results. The Moroccan firm, with some six million subscribers, enjoyed a 10 percent sales increase in the first nine months of this year.

The purchase also further underscored Vivendi Universal's policy of concentrating on the telecommunications sector, which has been growing rapidly and has helped the group's recovery after some years of difficulty.

Maroc Telecom will be quoted on the Paris and Casablanca stock markets before the year's end.

In Rabat, Moroccan Finance Minister Fatallah Oualalou said the deal had "great economic and political importance for Morocco, indicating Morocco's desire to pursue a policy of liberalisation and reform."

It fell within the framework of liberalising the telecommunications sector and "confirms Maroc Telecom's position in the face of lively competition with the forthcoming appearance of new operators in Morocco," he told journalists.

Maroc Telecom shares its country's telecoms market with the Spanish-Portuguese-Moroccan consortium Medi Telecom.

© AFP

Subject: French News

0 Comments To This Article