Egypt's bourse rallied on Wednesday after an Algerian finance ministry source said the government would pay $6.5 billion to acquire a majority stake in Orascom Telecom's (OT) unit Djezzy, while trading was mixed on Gulf markets.
Resolution of a long-running dispute over Djezzy would lift a cloud that has hung for years over OT, a heavyweight on Egypt's bourse, and could bring more funds flowing into the country's entire equity market.
Analysts said the Algerian finance ministry source's implied valuation of Djezzy was far above their expectations.
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