Etisalat bid backed

UAE telecom giant etisalat said on Wednesday its shareholders have given the green light to borrow money to fund a possible purchase of Vivendi's 53-per cent stake in Morocco's Maroc Telecom.

"Etisalat's shareholders approved the board's recommendation to raise external funding in excess of the corporation's capital," the operator said.

Use of the money "is still subject to finalisation of remaining terms and conditions to acquire Vivendi's stake" in Morocco's largest operator.

The UAE group, which is 60-per cent owned by the government, is competing with Qatar's Ooredoo, formerly known as Qatar Telecom, for the stake.

The two have made offers said to be in the range of 4.6 billion-4.7 billion euros ($5.94 billion-$6.07 billion) for Vivendi's stake, which is up for sale as part of its revamp.

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