Altimo Bids for Orascom

Egypt's stock exchange said Sunday a subsidiary of Russian billionaire Mikhail Fridman's Altimo had offered to buy 100 percent of Egypt's Orascom Telecom.

The offer, from a Cyprus-based firm owned by Altimo, is at a price of $0.70 per share, the statement said.

"The authority is currently studying the announced offer," the Egyptian Financial Supervisory Authority said in a statement.

Cairo-based Orascom Telecom is controlled by Russia's Vimpelcom. Altimo owns 47.85 percent of VimpelCom.

(Reuters)

Read more