FT’s offer for MobiNil minority stake rejected by CMA again

28 May 2009

The Capital Market Authority (CMA), Egypt’s stock market regulator, has once again rejected a bid by France Telecom (FT) to acquire the outstanding shares in cellco MobiNil. The CMA once again said that it had rejected the purchase offer on the grounds that it was unfair to the various shareholders; the regulator rebuffed FT’s initial bid in April 2009 for the same reason. Following the rejection the CMA has allowed the trade of shares in both MobiNil and Orascom to resume. Separately, following the announcement, Reuters has also reported, citing unnamed sources close to the issue, that FT will drop its plans to acquire the remaining minority stake. The French company has not formally announced its intentions after this latest setback however.