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Orascom drops case against France Telecom
- Egypt: Monday, July 06 - 2009 at 11:49
Egypt's Orascom Telecom Holding has said it has dropped court proceedings in Cairo against France Telecom over a dispute about ownership of Egyptian Co. for Mobile Services (MobiNil), reported Bloomberg. Orascom has said that it has dropped the case because France Telecom recently indicated it won't extend a tender offer on the same terms to MobiNil shareholders after it was awarded the right to buy Orascom's stake in a holding that controls the Egyptian mobile phone service operator. The company has also stopped the case in the appeal division of an economic court 'to avoid unnecessary costs and in an amicable gesture to focus attention on the business of running MobiNil'.
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