Egypt Orascom Says France Telecom Deal Null And Void
Egyptian operator says acquisition of shares in Mobinil is off, local press reports.
Egypt's Orascom Telecom Holding considers the deal to sell part of its shares in Egyptian Co. for Mobile Services, or Mobinil, to France Telecom null and void after the French telco failed to meet the deadline, Saudi-based Al Riyadh daily reports Thursday.
France Telecom didn't complete the transfer of the funds in time, making null and void the international arbitration court's ruling that ordered Orascom to transfer the stake to the French telco, the daily reports, citing Ibrahim Karam, Orascom's investment strategies manager.
Orascom said there are no talks are under way with France Telecom to conclude the deal, the paper reports.
An international arbitration court ordered Orascom in March to transfer its 28.75% stake in Mobinil to France Telecom.