This image will be automatically disabled when it gets reported by several people.
Egypt watchdog mulls France Telecom tender offer for Mobinil Egypt's financial regulator says France Telecom's tender offer for Mobinil is still on track
The Egyptian Financial Supervisory Authority [EFSA] is still mulling the mandatory tender offer by France Telecom to purchase 100 per cent of the issued capital of the Egyptian Company for Mobile Services (Mobinil) at LE202.5 per share, MENA reported on Thursday, citing EFSA Chairman Ashraf El-Sharqawy. El-Sharqawy denied rumours about rejecting France Telecom's offer, explaining that the law allows EFSA to respond to any acquisition in two days after receiving the offer and if the watchdog asks for further documents from the deal's parties the period will be extended for two more days. He added that a final decision on the deal will be announced through legal means, such as Bourse's trading screens. Last week France Telecom finalised a deal to buy most of its partner's stake in Egyptian mobile operator Mobinil for 1.5 billion euros ($2 billion), leaving the venture with 95 per cent French ownership but a significant Egyptian board and management presence. The deal, which confirms a preliminary agreement struck in February, recasts the terms of its relationship with Egyptian tycoon Naguib Sawiris, who had a put option to sell out completely to France Telecom starting in September 2012. Sawiris will instead sell much of his stake, and minority shareholders of listed holding company ECMS can choose to keep their shares or accept a tender offer from France Telecom. Under the terms of the accord, France Telecom will buy most of the stake held by Sawiris' holding company Orascom Telecom Media and Technology Holding (OTMT) for LE202.5 ($33.54) per share.
