FT announces third appeal against MobiNil stake offer rejection

19 Aug 2009

France Telecom (FT) has once again appealed against the rejection of a bid for the remaining share in the Egyptian Company for Mobile Services (MobiNil), Bloomberg reports. The move comes after the Egyptian Capital Market Authority (CMA) rebuffed FT’s third offer for the outstanding stake; the French company’s previous appeal was rejected on 4 August. A committee will rule on the appeal within 60 days. FT has also indicated it may pursue the matter through the Egyptian Supreme Court.