CAIRO: France Telecom announced an offer in newspapers on Monday to buy outstanding shares in Egypt s Mobinil, putting the total value of shares under offer at LE 12 billion ($2.2 billion). France Telecom subsidiary Orange Participations is offering LE 245 for each freely traded share in Mobinil, which is at the center of a row between its main shareholders France Telecom and Orascom Telecom. The offer for the shares opens on Dec. 15 and ends at the close of the trading session on Jan. 14. The newspaper announcement was made after a decision by the Egyptian regulator on Thursday to allow France Telecom s bid to go ahead. The regulator had rejected three previous offers. Orascom took its dispute over Mobinil to arbitration in 2007. The court ruled in April that France Telecom should buy Orascom s stake in their holding company, which owns 51 percent of Mobinil, for about LE 273 for each holding firm share. That deal was not finalized due to disagreement over the implications for the other shares. Orascom Telecom owns about 35 percent of Mobinil through its stake in the holding company and other Mobinil shares it owns. France Telecom owns about 36 percent of Mobinil through its holding company stake. The regulator had rejected the first three French offers saying the price was too low. But on Thursday the regulator said it agreed with France Telecom that shares in the holding company were worth more than other shares because the holding firm had received dividends it had not distributed and because it charged management fees.
