Russian firm Altimo said Sunday that it had no plans to launch a new offer to buy out minority shareholders in Egypt's Orascom Telecom (OT) after the Egyptian regulator rejected its attempt to reopen its earlier tender.
Orascom Telecom, a heavyweight on the Egyptian Stock Exchange, is already 51.9 percent owned by Russia's VimpelCom , which in turn is 47.85 percent owned by Altimo.
Altimo launched an offer in April to buy out minority shareholders of Orascom, which has mobile businesses in Canada, Algeria, Pakistan and other emerging markets such as Bangladesh, in a deal worth an estimated $1.8 billion.
But Altimo failed last week to secure sufficient acceptances from the minority shareholders in Orascom by a Monday deadline after shareholders with only 15.9 percent of Orascom Telecom shares listed on the Egyptian stock exchange offered to sell shares, below the minimum 26.6 percent required for the buy-out to go ahead.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
