Friday, October 26, 2007

Vivendi raising Maroc Telecom stake to 53 pct in share exchange deal with CDG

Vivendi said it is raising its stake in Maroc Telecom to 53 pct from 51 pct as part of a share exchange deal with Morocco's Caisse de Depot et de Gestion, confirming an earlier report in Les Echos.

Morocco's CDG will become a 0.6 pct shareholder in Vivendi as part of the deal, while Vivendi is buying an extra 2 pct in the African telephone operator.

Institutional investor CDG 'intends to become a long-term investor in Vivendi,' the French group said in a statement.

The deal will be via a share exchange, with CDG receiving Vivendi shares that will be acquired by Vivendi on the market over the next few weeks, the company said.

The transaction value is based on Maroc Telecom's share of 140.27 dirhams, Vivendi added.


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