"Russian billionaire Mikhail Fridman suffered a second setback this year for an effort to expand his telecommunications empire as his bid for Orascom Telecom Holding SAE failed to win support.
An offer of as much as $1.8 billion by Fridman’s Altimo for full control of Egypt’s Orascom failed after holders of 16 percent of the shares accepted it by yesterday’s deadline. Altimo, whose carrier VimpelCom Ltd. (VIP) already owns about 52 percent of Orascom, sought to buy the remaining 48 percent.
The result hinders Fridman’s bid to consolidate his phone assets in Africa and Asia and puts pressure on him to boost his offer. Fridman reaching control of 75 percent of Cairo-based Orascom would pave the way for him to delist the carrier and fully combine it with VimpelCom, reducing costs, according to Alexander Kazbegi, a Renaissance Capital analyst."
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