Telecom Egypt has the right of first refusal to buy Vodafone's stake in its Egyptian unit if the British mobile operator decided to sell, a newspaper reported on Wednesday. Telecom Egypt said late Tuesday it had ended talks to raise its 45 per cent stake in Vodafone Egypt, in which Vodafone has a 55 per cent stake. Cairo-based mobile operator Orascom Telecom had said it might bid if the unit was for sale. "The two sides agreed on the right for Telecom Egypt to buy Vodafone's 55 per cent share in Vodafone Egypt according to what is termed the right of first refusal if Vodafone wanted to sell its share at any time," Telecom Egypt Chief Executive Tarek Tantawy was quoted by the daily al-Mal as saying.
