13:03 13Jan10 RTRS-UPDATE 1-Egypt court backs Orascom in Mobinil battle
(Adds quote from Orascom chairman, background)
CAIRO, Jan 13 (Reuters) - An Egyptian court said on Wednesday it supported Orascom Telecom's <ORTE.CA> appeal against the regulator's decision to approve France Telecom's <FTE.PA> offer to buy outstanding shares in Mobinil <EMOB.CA>.
The French firm and Orascom have been locked in a row for control of Egyptian Company for Mobile Services, known by its brand name Mobinil.
Judge Hamdy Yassin ruled in favour of Orascom's appeal during a session in a Cairo court.
Speaking to reporters after the hearing, Orascom Executive Chairman Naguib Sawiris said: "We are in our country, staying in it. We are not leaving."
The decision comes one day before the end of the tender offer period for France Telecom's subsidiary Orange Participations to buy all Mobinil's outstanding shares at 245 Egyptian pounds ($44.63) each. The offer began on Dec. 15.
Mobinil shares were trading down 3.3 percent at 230 pounds by 1102 GMT.
The regulator's arbitration committee earlier rejected a request by Orascom that it reverse its decision to approve France Telecom's purchase offer.
"The ruling proves that the decision of the (regulatory) authority was incorrect. Our position is correct. The next step is from the regulator, not from us. We had no desire to sell in the first place," Sawiris said. الموضوع الأصلى من هنا: مجموعة البورصة المصرية http://www.BORSAEGYPT.com/showthread.php?p=472096
Orascom said France Telecom should have offered 273 pounds a share, equivalent to a price set by a court in April for Mobinil shares held by Orascom in holding company, Mobinil Telecommunications, which owns 51 percent of the mobile firm.