Three-bank Consortium to float Maroc Telecom stake

A group of banks composed of US Merill Lynch, French BNP-Paribas Corporate Finance and Attijari finances Corp were chosen to float a stake in the state-owned Maroc Telecom, the Ministry of Finance and Privatization said in a release.

This decision was taken by the commission in charge of the assessment of offers, comprising representatives of the state, Vivendi Universal and the telecom company Ittisalat Al Maghreb (IAM).

The three-bank grouping, the release noted, "has the required know-how in addition to a great experience in listing mainly telecom operations."

The consortium, the document went on, has "all the needed qualifications and guarantees to secure the awaited success of this operation."

The state has 65 percent of Maroc Telecom, while French Vivendi Universal holds 35 percent which it bought in 2000 for $2.2 billion.