Russia’s Altimo Confirms Offer For Sawiris’ Orascom

Russian billionaire Mikhail Fridman’s Altimo on Tuesday confirmed that a subsidiary has offered to buy 100 percent of Egypt’s Orascom Telecom (ORTE.CA), while part-owner VimpelCom will not tender its shares in the offer.

Egypt’s stock exchange (EGX) said in March the Cyprus-based firm owned by Altimo offered $0.70 per share for all of Orascom Telecom’s 5.245 billion shares.

Cairo-based Orascom Telecom, a heavyweight on the Egyptian Exchange, is controlled by Russia’s VimpelCom, which together with subsidiaries owns 51.92 percent. Altimo owns 47.85 percent of VimpelCom.