[ft] A dispute between France Telecom and Orascom over control of Egypt’s largest mobile telephone company escalated on Monday as the two companies traded accusations and threats.
Orascom Telecom in effect gave its French partner an ultimatum to hand over the money for Orascom’s stake in holding company Mobinil and offer a higher price for Orascom’s direct stake in ECMS, the Egyptian mobile operator.
Naguib Sawiris, chairman of Orascom Telecom, told the Financial Times that if France Telecom had not concluded a purchase of Orascom’s 28.75 per cent stake in Mobinil by Wednesday, no transaction would ever take place.
Mr Sawiris said as a sign of good faith he was giving France Telecom until Wednesday to conclude a transaction. However, he warned: “There is no judgment that is indefinite.”
The former French monopoly hit back by accusing Orascom of “media agitation”. It reminded it that it risked a $50,000 a day penalty it if refused to complete the sale of its Mobinil shares.
Dispute escalates over Egypt mobile operator
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