France Telecom Mobinil verdict upheld

11 April 2010

A verdict preventing France Telecom from gaining full control of the Egyptian Co. for Mobile Services (Mobinil), has been upheld by an Egyptian court, allowing Orascom Telecom Holding to keep its stake in the Egyptian firm, Bloomberg has reported. The court said that France Telecom's offer to buy the outstanding shares in the Egyptian Co. at EGP245 ($44.4) per share is unfair to minority shareholders. The presiding judge said France Telecom can appeal to a higher administrative court in the next 60 days.

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