CAIRO (AP) -- An Egyptian regulator has turned down an appeal by Orascom Telecom against its previous ruling that could allow a France Telecom subsidiary to buy up Egypt's biggest mobile services provider.

The Egyptian Financial Services Authority said in a statement published on Sunday that it has upheld its earlier decision approving an offer by Orange Participations to buy up OT's shares in the Egyptian Company for Mobile Services for 245 Egyptian pounds ($45.40) per share.

OT said it would issue a statement later Sunday.

The dispute stems from an arbitration court ruling in March in favor of the French company. The Paris-based company holds a 71.25 percent stake in Mobinil. The court authorized it to acquire Orascom's 28.75 percent stake in Mobinil.