France Telecom aim for Egypt. The French group communicated that it has reached a preliminary agreement with Egyptian businessman Naguib Sawiris to acquire the majority stake in the Mobinil joint venture (Egyptian Co. for Mobile Services).
In a second step, the European company will acquire the listed part of Mobinil al price of 202,5 Egyptian pounds per share (2,530 euros). The amount is identical to that which will be paid to Sawirs and is 62% higher than the value of the stock at the close on 8 February.
If all the majority shareholders accept the offer, at the end of the France Telecom operation will control 95% of the first Egyptian mobile operator. The remaining 5% will remain in the hands of Sawiris.
For now, the news does not seem to have had any effect on the French group's stock, which rose by 0,50% in Paris.
The agreement has yet to receive the go-ahead from the board of directors of France Telecom and Orascom Telecom Media and Technology, a subsidiary of Sawiris which holds Mobinil's stake. Even the supervisory authorities have yet to comment.
