0
Mobile & Wireless

Orascom Telecom pushes for full takeover bid for Mobinil

Monday 13 April 2009 | 12:42 CET | News
The sale of part of Orascom Telecom's stake in Egyptian mobile operator Mobinil has been delayed as Orascom continues to push for France Telecom to launch a full takeover bid for Mobinil. Orascom said in a statement that France Telecom did not meet a 9 April to pay for the initial stake. The deadline was set by the arbitration court of the International Chamber of Commerce, when it ruled in the two Mobinil shareholders dispute and ordered Orascom to sell parts of its shares to France Telecom. Orascom rejected comments from France Telecom over its debt obligations. The French company had earlier said that Orascom was unable to hand over the Mobinil shares because the stock is subject to a pledge to Orascom's creditors. Orascom said it would extend the deadline for payment for the shares until 15 April. However, before going ahead with the share transfer, Orascom wants France Telecom to commit to a public bid for the remaining Mobinil shares. Orascom claims that Egyptian securities law requires the French company to launch a bid for all of Mobinil due to its increased stake in the company. The court order requires Orascom Telecom to sell its stake in the Mobinil holding company. This will give France Telecom 100 percent ownership of the Mobinil company, which owns 51 percent of ECMS, the mobile operator that offers its services under the Mobinil brand. Orascom also wants to sell its 20 percent stake held directly in ECMS. France Telecom said earlier that it wants to start talks with the Egyptian stock market authorities on a possible bid for the minority shareholders in ECMS.

Categories: Mobile & Wireless
Companies: France Telecom / MobiNil / Orascom Telecom
Countries: Egypt
::: add a comment

Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.






3%
of households have fixed telephony because of poor mobile coverage
Netherlands  |  February 2014

Calendar   /   Industry Events

30 Jul KPN Q2 2014
30 Jul Telefonica Deutschland Q2 2014
30 Jul Sprint fiscal Q1
30 Jul Akamai Q2 2014
30 Jul Ruckus Wireless Q2 2014
30 Jul Equinix Q2 2014
30 Jul Entropic Q2 2014
30 Jul MobileIron Q2 2014
30 Jul Rovi Q2 2014
30 Jul Sonus Networks Q2 2014
30 Jul Hrvatski Telekom Q2 2014
31 Jul Tw Telecom Q2 2014
31 Jul MTS Allstream Q2 2014
31 Jul Samsung Electronics Q2 2014
31 Jul HTC Q2 2014
31 Jul Sierra Wireless Q2 2014
31 Jul Vonage Q2 2014
31 Jul MediaTek Q2 2014
31 Jul PMC Q2 2014
31 Jul BT fiscal Q1
31 Jul Charter Q2 2014
31 Jul 3 Group H1 2014
31 Jul TeleCommunication Systems Q2 2014
31 Jul Telenet Q2 2014
31 Jul Alcatel-Lucent Q2 2014
31 Jul Colt Q2 2014
31 Jul Telefonica Q2 2014
31 Jul Yahoo Japan fiscal Q1
31 Jul Time Warner Cable Q2 2014
01 Aug Belgacom Q2 2014
::: More Calendar Items