France Telecom on Monday announced its offer for acquiring outstanding stake in Egypt’s Mobinil valuing the firm at $ 2.2 billion or 12 billion Egyptian pounds. The announcement says that France Telecom’s subsidiary, Orange Participations will offer 245 pounds for each share in Mobinil.

The offer is open from December 15, 2009 till January 14, 2010.

France Telecom’s offer follows Egypt’s regulator approving its proposal to acquire stake in Mobinil having rejected it thrice earlier.

The case dates back to 2007 when Orascom which owns 35 % stake in Mobinil, took the dispute to arbitration. In April, a court ruled that France Telecom should acquire Orascom’s stake in Mobinil for 273 pounds per holding firm share. However differences persisted over implications for other shares. France Telecom presently owns 36% stake in Mobinil.

Last week on Thursday, Egyptian Financial Supervisory Authority, or EFSA, the country’s regulator said that it agreed to France Telecom’s reasoning that shares in the holding company were worth more than other shares because the holding firm had received dividends it had not distributed and because it charged management fees.

Orascom said that it will now appeal against the ruling.