Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Algeria Rejects VimpelCom’s Djezzy Price, El Watan Reports

Oct. 8 (Bloomberg) -- The government of Algeria rejected VimpelCom Ltd.’s proposed $7.8 billion price for Orascom Telecom Holding SAE’s Djezzy unit, and won’t negotiate with the Russian company, El Watan reported, citing a government source.

The government values the unit at $2 billion to $3 billion, and will deal only with Orascom, the Algiers-based newspaper reported today.

Plans by VimpelCom, owner of Russia’s second-largest mobile operator, to combine assets with Orascom have involved it in a dispute with Algeria over taxes and ownership of Orascom’s Algerian operations.

Talks between Orascom and MTN Group Ltd. over a possible merger failed in June after the Algerian government blocked the sale of Djezzy, and said it would make an offer for the operator instead. Under an agreement to combine assets announced Oct. 4, VimpelCom plans to take a 51.7 percent stake in Orascom.

Related News and Information: Top technology stories: {TTOP <GO>} Top Mideast stories: {TOPGULF <GO>} Egyptian telecommunications stories: {TNI EGYPT TLS <GO>} Orascom earnings graph: {ORTE EY <Equity> FA ISBAR <GO>} VimpelCom financial analysis: {VIP US <Equity> CN <GO>}

To contact the reporter on this story: Matthew Campbell in Paris at mcampbell39@bloomberg.net;

To contact the editor responsible for this story: Vidya Root at vroot@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.