Money News - In Brief

Mergers, Acquisitions and Financial Results

- France Telecom is looking to buy a majority stake in Congo China Telecom, a mobile network operator in the Democratic Republic of the Congo, which is 51% owned by the Chinese network infrastructure vendor, ZTE. The Congolese government owns the remaining 49% in the mobile network, and France Telecom could offer to buy the government stake. The whole company is estimated to be worth around US$425 million.

- Confirming reports earlier in the week that Morocco was putting a minority stake sale in Maroc Telecom back on the agenda, the country’s Finance & Economy Ministry has stated plans to sell a 7% tranche of the telco, out of the 30% share it currently owns. Arab News reports that the sell-off is aimed at raising around USD1.1 billion to go towards covering public spending programmes introduced to appease recent popular protests, amongst the measures being wage hikes for public sector workers.

- Indian state-run telco Mahanagar Telephone Nigam Ltd (MTNL) is eyeing a 51% stake in Zimbabwe’s state-owned landline operator, TelOne, for an undisclosed sum, a senior MTNL executive told India’s Economic Times. ‘The Zimbabwe government is keen to offload a 51% stake in TelOne … Since TelOne also has a GSM mobile permit, it fits well with our plans to enter the African cellular turf in the near future,’ said the executive. If the deal goes through, the purchase will be routed via Mahanagar Telephone Mauritius Ltd (MTML).