Orange offers EUR50m for Mattel but ‘not a penny more’

13 Feb 2015

Mauritanian GSM operator Mattel (Mauritano-Tunisienne de Telecommunication), 51% owned by Tunisie Telecom (TT) of Tunisia, is again a takeover target of Orange Group. The French firm’s website magazine The Africas speculates that following months of talks over a plan to buy 51% of Mattel that seemingly came to nothing, Orange has placed a top limit of EUR50 million (USD56.7 million) on its offer. The sum is considerably lower than the EUR75 million asking price, but Orange is adamant that it will not offer ‘a penny more, take it or leave it’. The Paris-based behemoth contends that any bid must take into account Mattel’s levels of debt and the anticipated cost of EUR25 million it needs to modernise the network. Shareholders of Mattel – with 49% of shares held by locally-based private investors – are expected to give a final answer to the French group before 31 March 2015.

Mauritania, Mattel, Orange Group