CAIRO, Egypt (AP) — An administrative court on Jan. 13 blocked a regulator’s decision that would have allowed France Télécom (FT) to buy all outstanding shares of Mobinil, the latest development in a battle over ownership of Egypt’s largest mobile phone service provider.
Orascom Telecom Holdings SAE, which along with Paris-based FT is the largest shareholder in Mobinil, had appealed a ruling by the Egyptian Financial Services Authority opening the door for FT subsidiary Orange Participations to buy Mobinil at a price of roughly $44.6 per share. Orascom deemed the offer too low.
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