FT claims Mobinil shareholder commitments

1 Jun 2009

France Telecom (FT) stated yesterday that it has commitments from shareholders that allow it to buy more than 3% of Mobinil’s share capital at EGP230 (USD41) per share, reports Reuters. The announcement is the latest development in the battle between France Telecom and fellow Mobinil shareholder Orascom Telecom (OT). The Egyptian cellco is currently 51% owned by a holding company in which FT owns a 71.25% stake and OT the remainder. OT also holds a 20% stake directly. On 5 April an arbitration court ruled that FT should buy OT’s 28.75% stake in the holding company for EGP273 per share. The Egyptian regulator, the CMA, said that the decision obliged FT to also make an offer for OT’s direct 20% stake and the shares owned by minority shareholders. FT maintains that any such offer should be voluntary.