Vivendi Universal, the French media company, is paying €1.1bn ($1.4bn) to raise its stake in Maroc Telecom to 51% ahead of the Moroccan telecom group's initial public offering in two weeks' time.

The French group, which acquired a 35% stake in the company four years ago for $2.2bn (€1.7bn), has increased its holding by 16% through the deal. It was advised by Calyon.