UAE's leading telecom services operator Etisalat has won approval from its shareholders to raise financing for acquiring Vivendi’s 53 per cent stake in Marco Telecom, said a company statement.

The board’s recommendation was approved at the UAE telco giant's extra-ordinary general assembly meeting held yesterday (May 28) at its head office in Abu Dhabi, said the company statement.

The use of the new external funding (debt) is still subject to finalisation of remaining terms and conditions to acquire Vivendi’s stake in Maroc Telecom, which is subject to the completion of the remaining acquisition requirements, the statement added.

Etisalat had offered a higher price for Maroc Telecom stake than its rival Qatari bidder Ooredoo, according to sources.

However, Etisalat's bid needs further work as it has more legal conditions than Ooredoo's offer. So Vivendi has not yet made a final choice, they added.

Vivendi has been in talks in recent weeks with Etisalat to remove some of the legal clauses in its bid, the sources said.-TradeArabia News Service