Gulf telecom operator Etisalat has secured shareholder approval for the financing package to back its bid for Vivendi's 53 percent stake in Maroc Telecom, according to two people familiar with the matter.
Etisalat (Abu Dhabi, United Arab Emirates) is vying with its regional rival, Qatar-backed Ooredoo (Doha), for control of the biggest fixed and mobile operator in the kingdom of Morocco.
Media-and-telecom conglomerate Vivendi (Paris, France) is selling the unit as part of a portfolio revamp aimed at reducing telecom exposure to focus more on media.
United Arab Emirates-based Etisalat, which is 60 percent owned by the state, held an extraordinary general shareholders' meeting on Tuesday to vote on the financing package as required by its corporate bylaws.
The shareholder vote approved that Etisalat can borrow an amount that can exceed its capital but no more than 6.67 billion euros ($8.57 billion).
There was a quorum of 68 percent at the EGM, the sources said.
A spokesman for Etisalat declined to comment.
($1 = 0.7779 euros)
(Reporting by Stanley Carvalho; Writing by Leila Abboud; Editing by James Regan)