Vivendi is exploring the sale of its 53 percent stake in Maroc Telecom, Reuters reported, citing sources familiar with the situation. This could raise around EUR 4.2 billion towards its debt-cutting restructuring plan, the news agency said. Maroc Telecom is Vivendi's second-biggest profit earner. The sources told Reuters that Credit Agricole and Lazard have been asked to gauge appetite for the holding, although they have not been formally mandated for the sale. The Moroccan government holds a 30 percent stake in Maroc Telecom.
Sources said the banks are setting up meetings with the management of potential buyers, adding that those who are interested will be introduced to the king of Morocco. If any parties signal an interest, it is likely that talks will include the Moroccan government, which wants strong guarantees in terms of investment in the country, said one source. The two banks are expected to report back in November to Vivendi, which would prefer cash for its stake, said one of the sources. Vivendi is attempting to cut its EUR 14 billion debt and revive its share price.
