Mikhail Fridman confirms Orascom offer

Mikhail Fridman confirms Orascom offer

Russian billionaire and telecoms entrepreneur Mikhail Fridman's Altimo subsidiary has today confirmed it has made a bid to acquire 100% of Egypt's Orascom Telecom's outstanding shares.

The Egyptian stock exchange first confirmed in March that Altimo, through its Baskindale Limited group, had offered $0.70 per share for 5.245 billion shares available in trading, which has now also been confirmed by the company.

Russian operator VimpelCom, a bit part owner of Orascom, said it would not sell its shares in the offer.

“This is an attractive opportunity for shareholders of Orascom Telecom Holdings,” said Evgeny Dumalkin, VP of Altimo.

VimpelCom’s controlling 51.92% stake in Egyptian company Orascom will remain separately held in spite of Altimo owning a 47.85% stake in the Russian company, if the deal goes through.

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