Egypt's Mobinil names advisor on France Tel offer

By IBTimes Staff Reporter | December 21 2009 10:46 AM

CAIRO, Dec 21 - Egyptian mobile operator Mobinil (EMOB.CA) has appointed an independent financial advisor to evaluate France Telecom's (FTE.PA) offer to buy it, the company said on Sunday.

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The firm has appointed Prime Capital to submit an evaluation of the offer before Jan. 5, it said in a statement to the stock exchange.

Mobinil will announce the results of the evaluation before Jan. 9, it said.

The Egyptian mobile firm has been at the centre of a long and often acrimonious dispute between its two main shareholders, Orascom Telecom (ORTE.CA) ORTEq.L> and France Telecom.

France Telecom subsidiary Orange Participations is offering 245 Egyptian pounds ($44.54) for each freely traded share in Mobinil. The offer for the shares ends at the close of the trading session on Jan. 14. ($1=5.500 Egyptian Pound) (Reporting by Marwa Awad; Writing by Alexander Dziadosz; Editing by Jon Loades-Carter)

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