The administrative court Wednesday rejected an offer by France Telecom (FT) for the acquisition of a 100-percent stake in Egyptian mobile phone company MobiNil at LE245 per share. MobiNil is a joint partnership between FT and Orascom Telecom (OT), the latter being the majority stakeholder.
OT co-owner Naguib Sawiris audibly cried out in joy when the court decision was announced, after which he expressed his readiness to maintain his company’s longstanding partnership with FT.
"We will abide by the verdict," said Khaled Seyam, vice-president of the Egyptian Financial Supervisory Authority.
According to financial expert Motassem el-Shahidi, FT will have to submit a higher offer if it still insists on buying MobiNil.
On the Egyptian stock exchange Wednesday, OT shares fell by 2.6 percent, while those of MobiNil fell by 4 percent.
Translated from the Arabic Edition.