Mobinil dispute ruling due on April 10
Court ruling that will determine ownership of Egyptian mobile operator due on April 10.
An ongoing dispute between France Telecom and Orascom Telecom over the ownership of Egyptian mobile operator Mobinil is due to be resolved at an Egyptian court on April 10.
The court will make a final ruling on whether to uphold a block on regulator approval for France Telecom to bid for full control of Mobinil, according to a report from Reuters.
The ownership of Mobinil has been the subject of a lengthy and bitter dispute between its two major shareholders, France Telecom and Orascom Telecom.
The court will either uphold or overturn an initial ruling from December 2009, which worked in Orascom Telecom's favour by blocking a share offer that would have allowed France Telecom to take control of Mobinil for $2.9 billion.
Orascom Telecom argued at the time that France Telecom should have offered EGP273 ($49.5) per share for the outstanding shares in Mobinil, rather than its actual offer of EGP245 per share.