Egyptian court upholds ruling
By Dina Zayed and Alastair Sharp |
April 12, 2010, Monday
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Print Edition
Print Edition
AN Egyptian court has upheld a ruling barring a France Telecom buyout of Mobinil, Egypt's largest mobile operator by subscribers and the focus of a bitter dispute with co-owner Orascom Telecom.
Judge Hamdi Yassan said on Saturday minority shareholders would be disadvantaged by the French firm's offer at 245 Egyptian pounds (US$44.40) per share, less than the amount an arbitration court said the French firm should pay for Orascom's stake in their jointly held holding company.
"The 28 pound difference in the price offer violates principles of equality in opportunity for shareholders. Selling at this price is not fair for minority shareholders," he said.
The court made a snap decision in January to block regulatory approval of the fourth such bid from France Telecom, a day before it was to proceed.
Judge Hamdi Yassan said on Saturday minority shareholders would be disadvantaged by the French firm's offer at 245 Egyptian pounds (US$44.40) per share, less than the amount an arbitration court said the French firm should pay for Orascom's stake in their jointly held holding company.
"The 28 pound difference in the price offer violates principles of equality in opportunity for shareholders. Selling at this price is not fair for minority shareholders," he said.
The court made a snap decision in January to block regulatory approval of the fourth such bid from France Telecom, a day before it was to proceed.
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