Africa Map

African Press Agency

African Press Agency Logo

 Environment/Natural Resources
 Global Conflicts/Terrorism
 Science & Tech
 Economic & Social Development
 Country Profile
 Useful Links
 Contact us


[Published: Tuesday July 13 2010]

 Algeria vetoes MTN’s offer of $ 7.8 bn for Djezzy phone unit

South Africa's MTN has offered to pay $ 7.8 billion for Egypt’s Orascom Telecom's lucrative Algerian unit Djezzy. The Egyptian mobile firm said it would start talks to sell Djezzy to the Algerian government after weeks of pressure from Algerian officials, who said the state had the right to bid on the unit before any foreign buyer.

Djezzy was the main component in a possible broader deal that would have made MTN the world's third-biggest mobile firm if all of Orascom's assets were included.

The Algerian authorities veto threw doubt on the chance of a larger deal going through, but talks over the sale of some Orascom assets to MTN have nevertheless continued between the two firms. Orascom is also interested in entering the Syrian market.

North South News website

Advertise banner

News icon Saudi/Yemen
News icon Malaysia/Probe
News icon UK/Russia
News icon Venezuela/Elections
News icon China/Defence
News icon Egypt/Human Rights
News icon US/Cyber force
News icon China/Navy
News icon UK/Russia
News icon Nipah/India

AFRICAN PRESS AGENCY Copyright © 2005 - 2007