Orange puts the squeeze on Orascom

France Telecom’s Orange has submitted an obligatory tender offer to buy all the shares of Egyptian mobile operator Mobinil, Egypt’s financial market regulator confirmed earlier this week.

The Capital Markets Authority said it was studying the offer by Orange Participations.

Mobinil, one of three mobile operators in Egypt, has been at the centre of a dispute between regional operator Orascom Telecom and France Telecom.

Egypt’s market regulator had said that France Telecom should tender to buy all shares in Mobinil as part of a court ruling that it purchase Orascom’s stake in a holding company that owns 51 percent of Mobinil.

Mobinil posted a 6 per cent fall in net income last month for the first quarter of 2009 to EGP 424 million (US$75 million), missing most analysts’ forecasts as it faced higher interest costs.

The Egyptian stock exchange said it had suspended trade on Mobinil shares until the markets authority finishes studying the offer. Shares had jumped more than six per cent earlier in the week on speculation of a pending offer.

In way of context, Orascom, which owned 35 per cent of Mobinil, brought arbitration proceedings against Orange, which owned 36 per cent, in an effort to obtain majority control. Ironically, the International Court of Arbitration ruled earlier this year that Orange should buy out Orascom, which would have resulted in Orascom receiving US$1.7 billion, by its calculations, or US$715 million, according to Orange.

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