CAIRO, Dec 28 - Egypt's Orascom Telecom (ORTE.CA) (ORTEq.L) said on Monday it had suspended talks on the sale of its internet subsdiary LINKdotNet until it resolves a dispute with France Telecom FTA.PA. In February, Orascom said it had received an offer for LINKdotNet from Egyptian mobile operator Mobinil (EMOB.CA), which was performing due diligence.
Orascom and France Telecom, the two main shareholders in Mobinil, have been locked in a dispute over an offer by France Telecom to buy all outstanding Mobinil shares.
The (LINKdotNet) file is suspended until we finish the Mobinil negotiations, Orascom spokeswoman Manal Abdel Hamid told Reuters.
France Telecom offered to pay 245 Egyptian pounds ($44.57) for each Mobinil share, an amount Orascom says is insufficient.
Orascom appealed an Egyptian regulatory decision earlier this month that allowed the Mobinil share sale to go through, and a hearing is scheduled for Thursday, Abdel Hamid said. (Writing by Patrick Werr)