Morocco exempts Etisalat from buying Maroc Telecom minority shares

May 27, 2014 1:34 am

Etisalat, which this month acquired a 53% stake in Maroc Telecom, has said it has cancelled an offer to buy the remaining shares in the Moroccan firm, Reuters has reported. The UAE telecoms operator said it had been exempted from making an offer to minority shareholders, which is usually required under Morocco’s takeover rules. The authorities decided that “due to public and national interest” Etisalat need not go through with its buyout bid, a company spokesman said.