Monday, Dec 14, 2009
CAIRO (Dow Jones)--France Telecom SA (FTE, FTE.FR) said Orascom Telecom has "enough time" to make a decision regarding the new offer for Egyptian Co. for Mobile Services (EMOB.CI), or Mobinil, that was accepted by the Egyptian regulator, the vice-president of France Telecom told Egyptian daily Al Mal.
The offer will start on December 15 and will close on January 14, 2010, the paper reports Monday, quoting Hisham El-Alaili.
France Telecom received a letter from HSBC Bank evaluating the value of shares at 12 billion Egyptian pounds ($2.2 billion) for 49% of Mobinil's total shares, the paper adds.
Egypt's regulator said late Thursday it had approved an offer from Orange Participations, a unit of France Telecom, to buy up to 100% of Mobinil at EGP245 for each freely traded share.
Newspaper: Al Mal
-By Shereen El Gazzar, contributing to Dow Jones Newswires, +20124298286, Shereen.elgazzar@gmail.com
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
14-12-09 0900GMT
