CVC and Sawiris eye Orange Switzerland bids: sources

Reuters News
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Posted: Sep 13, 2011 11:08 AM

LONDON (Reuters) - Private equity group CVC is considering a bid for Orange Switzerland despite resistance from seller France Telecom to let it into the auction for Switzerland's third largest mobile phone company, four people familiar with the situation said.

Detailed sales information will be sent out to interested parties very shortly, people said, initiating a sales process that could yield about 1.5 billion euros for France Telecom.

Egyptian billionaire Naguib Sawiris is among the parties weighing a possible offer for France Telecom's business, people close to the tycoon said. A number of private equity firms are also likely to bid, other people said.

One person said that first round bids would probably be due in late September or early October.

CVC was unavailable for comment. France Telecom declined to comment.

(Reporting by Simon Meads, Victoria Howley and Leila Abboud; editing by Steve Slater)