France Telecom’s move to acquire Egypt-based operator, Mobinil suffered a major hurdle as Egypt’s Capital Market Authority (CMA) stalled its bid for acquiring controlling stake in the firm.

The CMA reasoned that the tender submitted by France Telecom towards acquiring the stake was far less than what was fair to the stockholders.

“In the current circumstances, France Telecom considers it is not obliged by law or by market practice to launch a mandatory buyout offer," said France Telecom in its reply.

The development marks second roadblock to France Telecom’s desire to acquire minority stake in Mobinil. Earlier this week, the Arbitration Court of International Chamber of Commerce directed Orascom to transfer its stake to France Telecom. This provided France Telecom with much needed respite.

But it appears that there is still long way to go before FT is able to actually acquire the much desired stake in Mobinil.