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France Telecom takes 94% of Mobinil
28 May 2012
France Telecom-Orange increases stake in Egypt’s Mobinil by buying 93.9m shares from Naguib Sawiris
France Telecom-Orange now owns a 94% stake in Egypt’s Mobinil after a tender offer for 93.9 million shares, Reuters reported, citing the country’s stock exchange.
The operator was already a majority shareholder in Mobinil and has now acquired additional shares from the minority shareholder, Naguib Sawiris’s Orascom Telecom Media and Technology. Sawiris will keep a 5% stake in Mobinil.
France Telecom bought the 93.9 million shares on May 27 of the 100 million outstanding at a pre-agreed price of 202.5 Egyptian pounds each. The value of the transaction was $3.15 billion.
Orascom’s stake in Mobinil was not involved in the 2011 transaction which saw VimpelCom become the major shareholder in most of Orascom’s operations. GTB
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