France Telecom said on Wednesday it had no intention of raising its offer price of EGP245 ($44.83) for outstanding shares in the Egyptian Company for Mobile Services (ECMS), known as Mobinil.

A financial adviser appointed by Mobinil said shares in the firm were worth 283 to 337 Egyptian pounds ($51.78-61.66), much higher than the 245 pounds France Telecom has offered to buy them at.

"France Telecom has no intention of raising its offer price. The offer is running until January 14," said France Telecom press officer Tom Wright. – Reuters