Egypt Regulator Clears France Telecom's Mobinil Offer
Egypt's financial market regulator EFSA said on Sunday that France Telecom can go ahead with a tender offer for a stake in mobile operator Mobinil held by local shareholder Orascom Telecom Media and Technology (OTMT).
April 23, 2012 9:13 by kippreport
Egypt’s financial market regulator EFSA said on Sunday that France Telecom can go ahead with a tender offer for a stake in mobile operator Mobinil held by local shareholder Orascom Telecom Media and Technology (OTMT).
France Telecom plans to purchase most of OTMT’s stake for 1.5 billion euros ($2 billion). Some media had reported that EFSA may reject the deal, or was delaying it until the French firm responded to a request for information.
In a statement confirming its approval, EFSA gave a list of technical requirements the companies must fulfil, such as publishing full details of the tender offer within two days.
(Reporting by Ehab Farouk; Writing by Tom Pfeiffer)
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