Egypt's Financial Supervisory Authority has approved the latest offer from France Telecom to buy the Egyptian Co. for Mobile Services (Mobinil), the holding company that controls the mobile network of the same name.

France Telecom subsidiary, Orange Participations has offered to pay EGP 245 ($44.42) for each freely traded share in Mobinil - up on the previous highest offer of EGP230 per share. An earlier arbitration ruling had said that France Telecom should offer EGP273.3 per share, or justify a lower price if offered.

Obtaining this approval was the only condition set by the Egyptian authorities that would enable the Trading Committee of the Cairo and Alexandria stock exchange to authorize the execution of the arbitration ruling that was handed down by the Arbitration Court of the International Chamber of Commerce to settle the dispute between Mobinil's two shareholders, France Telecom and Orascom Telecom.

In March 2009, the Arbitration Court of the International Chamber of Commerce ruled in favor of France Telecom, which has a 71.25% stake in Mobinil, authorizing it to acquire the 28.75% interest in Mobinil held by Orascom Telecom.

Mobinil owns 51% of ECMS, Egypt's leading mobile operator, which markets its services under the Mobinil brand. This company is listed on the Cairo and Alexandria stock exchange. Orascom Telecom directly owns a 20% stake in ECMS.