France Telecom looks to increase Meditel stake

FRANCE Telecom’s chief executive Stéphane Richard said yesterday he aims to increase his company’s newly-acquired stake in Moroccan telecoms operator Meditel to 49 per cent by 2015.

Speaking at a news conference in the Moroccan capital to announce France Telecom’s acquisition of a 40 per cent stake in Meditel for €640m (£542m), Richard also said there was a plan to list Meditel shares on the Casablanca stock exchange next year.

Anas Alami, chief executive of Moroccan state investment vehicle and Meditel shareholder CDG, said details of the listing would depend on market conditions.

The deal is the first acquisition since Stéphane Richard took over as chief executive of the company in March and puts France Telecom in direct competition with Vivendi, its domestic rival, which owns 51 per cent of Maroc Telecom – Morocco’s largest provider.