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Etisalat submits mandatory bid for Maroc Telecom minority shares

May 22, 2014 1:09 am

Etisalat, which this month bought a 53% stake in Maroc Telecom, has submitted a mandatory tender offer to buy the remaining shares in the Moroccan firm, Reuters has reported. The Abu Dhabi-headquartered has submitted its tender to the Moroccan authorities for their approval. Morocco regulations state an acquiring company must offer to buy out minority shareholders if it owns 40% or more of the voting rights of the company.