FT fails with latest MobiNil bid

17 Jul 2009

France Telecom (FT) has failed with its latest offer for MobiNil after the Cairo-based Financial Supervisory Authority (FSA) said the value of the proposed deal was still less than the price set by an arbitration ruling for the majority of the company. The FSA said the latest bid ‘upsets the principles of equality and equal opportunities’. FT has been told that it must bid for the remaining shares of MobiNil at the same price that was required to pay Orascom Telecom for its stake in the cellco under the arbitration ruling. FT says it plans to appeal.

Egypt, Orange Egypt, Orange Group