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Russia's Altimo says makes offer for Orascom

Reuters, Tuesday 16 Apr 2013

Russian billionaire confirms his offer to buy 100 percent of the Egyptian telecommunication giant Orascom Telecom

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

Egypt's stock exchange said in March that 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 Stock Exchange, is controlled by Russia's Vimpelcom, which together with subsidiaries owns 51.92 percent. Altimo owns 47.85 percent of Vimpelcom.

OT gained 2.2 percent in the Egyptian stock exchange on Tuesday.

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