France Telecom’s latest effort to settle the dispute between itself and Orascom Telecom over Egyptian mobile operator ECMS has failed, the Financial Times reports. The two have been at loggerheads over ECMS since 2001.
FT again offered to buy out Orascom’s minority shareholding, but on more favourable term than its previous offer.
Orascom’s response was insist that the deal transferring full control of Mobinil to France Telecom to be annulled altogether. Mobinil is the holding company that owns 51% of ECMS. An international arbitration panel granted FT full ownership of Mobinil to FT in April.
Orascom has tried to get the decision overturned in the Egyptian courts on the grounds that FT had not complied with the conditions the panel imposed.
An Egyptian stock market panel was expected to consider FT’s higher bid on today, the FT says.
