'The two sides have agreed on the main matters. They are about to sign the deal. They still have some small details to clear up,' a senior source close to the negotiations told Reuters.
Asked if the deal would be signed on Tuesday, another senior industry source said: 'It is very likely.'
(Reporting by Lamine Ghanmi; Editing by Dan Lalor) ((maghreb.newsroom@thomsonreuters.com; +212 537 720065))
Keywords: MEDITEL FRANCETELECOM/
* Deal will 'likely' be signed on Tuesday - industry source
* FT to pay about 600 mln euros for 40 pct stake - sources
(Updates with more details, background)
RABAT, Sept 21 (Reuters) - France Telecom is close to signing a deal to buy a 40 percent stake in Morocco's second-biggest telecoms operator, Meditel, for about 600 million euros ($788 million), industry sources said on Tuesday.
'The two sides have agreed on the main matters. They are about to sign the deal. They still have some small details to clear up,' a senior source close to the negotiations told Reuters.
Asked if the deal would be signed on Tuesday, another senior industry source said: 'It is very likely.'
The Meditel stake would be priced at around 600 million euros, the sources said.
Both companies declined to comment.
France Telecom Chief Executive Stephane Richard said this month his company was weeks away from concluding the Meditel deal.
France Telecom is looking to Meditel as part of its strategy of tapping growth in emerging markets to offset sluggish demand and intense competition in Europe.
Meditel, which competes with former monopoly Maroc Telecom , was left to grow on its own after the loss last year of two major investors, Spain's Telefonica and Portugal Telecom.
Their stakes of 32.2 percent each were sold to Moroccan private group FinanceCom and state investment vehicle CDG for $1.15 billion in September.
FinanceCom and CDG have said repeatedly they were not ruling out the possibility of bringing in a new shareholder if it added value to Meditel operations.
Analysts said the Moroccan government was eager to see a deal concluded as it wants cash to replenish the country's foreign currency reserves, which are under pressure from the rising cost of importing cereals and fuel.
(Reporting by Lamine Ghanmi; Editing by Michael Shields) ($1=.7614 Euro) Keywords: MEDITEL FRANCETELECOM/ (maghreb.newsroom@thomsonreuters.com; +212 537 720065) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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