Sunday 10 October 2010

Algeria Rejects VimpelCom's Djezzy Price of $7.8 Billion, El Watan Reports - 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.

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