Press Releases

The Egyptian judiciary has rendered a landmark judgment on Saturday April 10th 2010 in favor of Orascom Telecom - represented by Sarie Eldin & Partners (SE&P) - against France Telecom in the widely followed dispute opposing two of the major international companies in the field of telecommunications. The Commercial and Investment Dispute Department of the Administrative Court in Egypt, headed by Counselor Hamdy Yassin Oukasha, has issued a reference judgment, circulated and broadcasted among all international media, in favor of Orascom Telecom, whereby the court has annulled the decision of the Egyptian Financial and Supervisory Authority's (EFSA)(dated 10.12.2010) pursuant to which the EFSA had previously approved the mandatory tender offer submitted by Orange Participations (owned by France Telecom) to acquire the shares of the Egyptian Company for Mobile Services (for a price of 245 EGP per share) along with the announcement for the said offer. The court's decision was founded on the comprehensive, probative and accurate legal defense brought forth by Sarie-Eldin & Partners. The significance of this ruling is further magnified insofar as the case relates to the first and largest acquisition of a publicly traded company operating in the field of Telecommunications in Egypt while putting to the test the implementation and enforcement of a fundamental chapter of the Capital Market Law. As a result of this much awaited ruling, plaintiff and respondent have immediately initiated negotiations and have reached an amicable settlement in connection with the matters that gave rise to the dispute.