LONDON (ShareCast) - France Télécom has reached a preliminary agreement to purchase tycoon Naguib Sawiris's stake in Egyptian mobile phone operator Mobinil. If the offer is approved by regulators, the CAC40 (Paris: ^FCHI - news) component would then also launch a takeover offer for the free float of ECMS (minority shareholders of Mobinil) for 202.5 Egyptian pounds per share. It should be kept in mind that an April 2010 agreement between France Télécom and Sawiri gave the tycoon a put option to sell the ECMS stake to French company for between 221.7 and 248.5 Egyptian pounds per share. Under the current deal, Sawiri will maintain a "5% economic interest" in ECMS. France Télécom was trading up 0.84% at €11.345 in mid-morning trade in Paris. JM
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