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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
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