Sunday 22 April 2012

Egypt regulator clears France Tel's Mobinil offer | Reuters

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.

France Telecom plans to purchase most of OTMT's stake for 1.5 billion euros. 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.

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